'If you want to put a tax on people, go ahead': Lagarde and Mnuchin clash over energy transition

Mnuchin says 30-year economic forecasts of environmental impacts are not possible.

Mnuchin says 30-year economic models of environmental impacts are not possible.From left to right, Zhu Min, deputy managing director of the International Monetary Fund , Haruhiko Kuroda, governor of the Bank of Japan , Christine Lagarde, president of the European Central Bank , Steven Mnuchin, U.S.

Speaking on a panel Friday as the event drew to a close, Lagarde told the audience that central banks needed to lead the economic modeling of how changes to the environment should be costed and mitigated. Responding to the new ECB president directly, Mnuchin said he didn't think forecasting the cost of protecting the environment was possible.

Lagarde responded directly, suggesting that long-term modeling would help press firms to understand the cost and process of switching to new, and less carbon-intensive, energy sources.

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