Former Reserve Bank deputy governor Guy Debelle has lashed out against a growing wave of anti-green energy investment commentary, saying critics wilfully ignore the need to replace crumbling fossil fuel assets regardless of any carbon reduction goals.

Dr Debelle, who has written a blunt analysis on the issue for the Centre for Policy Development, said the inflationary impacts of large-scale renewable energy spending are being grossly overstated and ignore how the transition would lead to greater price stability after decades of volatility.