From a central bank perspective, they include both pains and gains: •  First, the disruptive forces of creative destruction may raise productivity and thus the natural interest rate. •  Second, despite the potential benefits, the costs will be real and will impact on inflation, which is already spurred by higher military expenditures and demographic change.
•  And third, future energy production will still depend on the global south – with its sun and wind, which in turn requires large capital flows from the global north. This could help reduce the savings glut (or investment gap) in the north, increase the natural interest rate further and facilitate conventional monetary policymaking.