The writer is a senior fellow at Harvard Kennedy School

Politicians on both sides of the Atlantic are learning that, in the words of Kermit the Frog, it’s not easy being green. They have been quick to point out that the transition to a carbon neutral economy presents opportunities, with US president Joe Biden claiming that “if we act to save the planet, we can create millions of jobs and economic growth and opportunity”. European Commission president Ursula von der Leyen equated Europe’s Green New Deal to “our new growth strategy”.

The problem is that reality will take a while to match the sales pitch. There are inevitable short-term economic costs that risk generating a backlash against efforts to fight climate change. That is something the planet simply can’t afford.