Jean Pisani-Ferry, Tommaso Padoa-Schioppa chair of the European University Institute, senior fellow and former director of Bruegel:

Carbon neutrality is a major transition that will be fraught with challenges and potentially high economic costs. We expect a relatively smooth transition and transformation, but we need to figure out where the obstacles are before addressing them in a targeted way. When adjustment costs are too high, there may be some delay in decisions and actions. The longer a country waits, the more capital it will need to reach carbon neutrality. At the international level, the lack of coherence and consistency in macroeconomic policies will affect the global economic transformation. We need more practical macroeconomic measures.