), when markets fail – the need for collective action in tackling climate change, speech at the european sustainable finance summit, frankfurt am main, 28 september 2020 x carney, m. ( 2015 ), breaking the tragedy of the horizon – climate change and financial stability, speech at lloyd ’ s of london, london, 29 september 2015. xi communication from the commission to the european parliament, the council, the european economic and social committee and the committee of the regions ; the european green deal investment plan, 14 january 2020. xii securities eligible as collateral or for purchases under the cspp. xiii scope 3 carbon emissions i

built each year and between 30, 000 and 40, 000 units a year need to be renovated. activity may then grow rapidly in certain regions. now that construction is recovering, the increased concentration among construction companies and producers of construction materials, as well as the shortages in certain categories of skilled labour, are liable to push costs and wages up. certain problems with bottlenecks are already discernible ; in the business tendency surveys from the national institute of economic research, labour shortages are reported by 7 per cent of construction firms as against 2 per cent in march 1998. these shortages are accompanied by a high overall level of unemployment among construction workers ; part of the explanation is that unemployment is high in certain regions and those who are unemployed there are reluctant to move a long way to regions where labour demand is stronger. bottleneck problems in the construction industry are being studied on behalf of the government by industry representatives. this construction sector group has found that approximately one - third of unemployed construction workers lack occupational experience and around 6 per cent also lack formal training. in that the average age of construction workers is rising and young people do not find construction work attractive, the bottleneck problems may become even greater in the future. in order to prevent this from leading to sizeable problems, proposals have been put forward for increased mobility, improved competence and marketing of construction courses, for example. construction costs are measured by the factor price index ( fpi ) ; the largest item is wage costs. the price of completed dwellings, on the other hand, is measured by the building price index ( bpi ), which also includes the construction companies ’ productivity and profit margins. these indexes do show relatively large price increases but there are no actual signs of any direct risks of an inflationary development in sweden in the coming years, provided that the bottleneck problems do not increase. the rising costs associated with earlier upswings in activity have been connected with the contemporary subsidy systems as well as the high degree of concentration in the construction market. the revised system for financing residential construction has appreciably reduced one of these problems : construction companies as well as consumers are exposed more directly to production costs. but the problem of concentration in the construction market still remains and may be a future cause for concern. future monetary policy in the main scenario in the december inflation report, the 12 - month change in the cpi was projected to be 1. 2 per cent in december 1999 and 1. 4 per cent in december 2000. inflation ’ s underlying