Even though 7 out of 10 Europeans express anxiety about climate change, purchasing power remains their main concern, regardless of their age. The prospect of an energy transition impacting the latter is therefore an important and legitimate concern.
"The transition may mean having to buy an electric or hybrid car, higher prices for property due to the carbon tax, or rising rents, as homeowners have had to retrofit homes to make them more energy efficient."
William De Vijlder
William De Vijlder, Group Chief Economist at BNP Paribas, explains in a White Paper produced by the Bank.
How do you make this transition with everyone? That's the question the experts who contributed to this special edition of the quarterly Perspectives are trying to answer. At the heart of the reflection is the concept of
"just transition", which aims to "put workers, consumers and local communities at the heart of climate action without anyone being left behind."
The main concerns of Europeans - White Paper, BNP Paribas in partnership with Ipsos, Terra Nova and CSR Europe - April 2023 BNP Paribas
The white paper is based on the results of a pan-European survey carried out by Ipsos. It shows that there is still a long way to go to achieve a transition accepted by all. European citizens want more fairness in order to fully engage in it. It is therefore essential to find the right balance between the environmental and social challenges ahead.
Solutions for a Just Transition
The White Paper details a number of solutions that could facilitate this necessary general mobilization. Companies must learn to integrate just transition into their strategies and actions. Banks can help individuals smooth the costs of the energy transition, in particular by supporting the most vulnerable customers. Governments need to put in place financial incentives and pricing mechanisms. William de Vijlder, suggests that the proceeds of carbon taxes be reinjected by governments "for the benefit of low-income households and small businesses." So many avenues that could lead to more social justice and convince more widely of the merits of ecological change; since, as Laurence Pessez, Head of Social and Environmental Responsibility at BNP Paribas, reminds us:
« The energy transition can only be successful if society as a whole is involved »
Laurence Pessez
These themes will also be explored during the ChangeNOW event, which will take place at the Grand Palais éphémère in Paris from 25 to 27 May 2023.
