What causes inflation? And how is it connected to the energy transition?
Standard business press narratives often discuss inflation as if it has a mind of its own, seldom exploring its root causes. However, the connection between inflation and fossil fuel prices is both undeniable and significant. In fact, as you’ll hear at the end of today’s interview, endless interventions by the Fed may be an unavoidable consequence of the energy transition, from now until the project is complete.
So why aren’t we having a conversation about how Putin’s invasion of Ukraine ultimately led to your having to pay more for everything, as inflation was transmitted through from fossil fuels to everything else? Why did Congress give us the Inflation Reduction Act in 2022, instead of the Fossil Fuel Reduction Act? And what is the role of the Fed in the energy transition?
In this conversation, climate economist Gernot Wagner of the Columbia Business School rejoins us to help us understand the relationships between fossil fuels and inflation. We discuss why the Fed acts as it does, and we explore the Inflation Reduction Act in the US and the REPowerEU policy package in the EU, and the complex interconnections between monetary policy, industrial policy, and energy policy.
[Episode #127] – Hard-to-Decarbonize Sectors
[Episode #126] – Energy Basics Parts 4–6 – Electricity, Generation and Grid Management
[Episode #125] – Beyond Planet of the Humans
[Episode #124] – Energy Transition Progress Report
[Episode #123] – Sustainable Energy Transitions
[Episode #122] – Hybrid Power Plants
[Episode #121] – Winning and Losing the Policy Game
[Episode #120] – Carnage in the Oil Patch
[Episode #119] – Energy Basics Parts 1–3
[Episode #118] – Open and Answered Questions
[Episode #117] – Climate Science Part 12b – Improving Climate Modeling
[Episode #116] – Climate Science Part 12a – Improving Climate Modeling
[Episode #115] – Wildfire and Transition in Australia
[Episode #114] – Cyber and Climate Risks
[Episode #113] – Coal Plant Self-Scheduling
[Episode #112] – Climate Science Part 11 – Climate Confusion
[Episode #111] – No Coal in our Christmas Stockings
[Episode #110] – Death Toll for Petrol
[Episode #109] – Big Oil’s Climate Denial Machine
[Episode #108] – Will Energy Transition Be Rapid or Gradual?
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