The risks

Climate risk is already here, physical, social and financial, and the transition itself creates its own tensions, which need to be named.

More frequent heatwaves (the summer of 2003 caused nearly 15,000 deaths in France), sea level rise (~+20 cm since 1900, and accelerating), droughts and wildfires, biodiversity loss, melting glaciers. Every tenth of a degree counts.

Coal plants, oil fields, gas infrastructure: decarbonisation can turn these assets into liabilities (stranded assets), written down before the end of their life. It is a systemic financial risk, closely watched by central banks.

More solar and wind means more variability: dispatchable capacity, storage and interconnections are needed to avoid shortages. And dependence on Chinese components and metals creates a new geopolitical risk.

Wind turbines, very high-voltage lines, solar parks, mines: every piece of infrastructure meets local opposition. The transition does not only come up against technology, but against the consent of local communities.

Energy poverty affects about 12 million people in France, and rising prices can fuel revolt (the Yellow Vests movement was born from a carbon tax). Conversely, greenwashing (misleading claims of "carbon neutrality") erodes trust.