Geopolitical energy crises expose the vulnerabilities of economies dependent on fossil fuels. Governments respond by protecting consumers and securing supplies, which often reinforces dependence. Markets, by contrast, accelerate investment in clean technologies, whose costs keep falling.
Energy supply shocks fuel inflation and weaken growth, making the job of central banks more difficult. Yet raising interest rates to dampen inflation disproportionately harms clean energy investments – already affected by supply chain disruptions.
If energy volatility is systemic, should the low-carbon transition be a monetary policy imperative? How can we fight “fossilflation” – inflation driven by fossil fuel prices – without undermining climate goals and energy security? And will this crisis drive the sustainable energy future – or set it back?
This event will address these issues by bringing together high-level experts from energy policy, economics, and central banking.
Introductory remarks
Martin Kocher
Oesterreichische Nationalbank | Governor
Speakers
Olaf Sleijpen
De Nederlandsche Bank | President
Network for Greening the Financial System | Chair
Benedikt Ennser
Federal Ministry for Economic Affairs, Energy and Tourism | Head of Section
Sigrid Stagl
Vienna University of Economics and Business | Professor
Moderation
Andreas Breitenfellner
Oesterreichische Nationalbank | Senior Principal
Date
Thursday, 29 October 2026 | 17:00–19:00 CET
Venue
Oesterreichische Nationalbank, Veranstaltungssaal
Otto-Wagner-Platz 3, 1090 Vienna
or online via Webex
Registration
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