Former Reserve Bank of Australia deputy governor and Fortescue Future Industries chief financial officer Guy Debelle said the European energy crisis might cause some short-term pain, including in Australia, but it should be a platform to accelerate rather than delay the transition to a low-emissions economy.

Before Monday’s The Australian Financial Review Energy and Climate Summit, Dr Debelle said surging energy prices in Europe – largely caused by Russia cutting off gas supply over its war in Ukraine – should be a catalyst to push harder towards net zero by 2050.