The energy price surge that started in 2021 is taking place as the world emerges with difficulty from a global pandemic and faces the impacts of extreme weather conditions due to climate change. The economically vulnerable suffer the most from both the physical impact of climate change and higher energy prices. While the European Central Bank (ECB) struggles to get a lid on inflation, and the European Union (EU) member states struggle to cut their fossil fuel dependency in the wake of the Russian aggression on Ukraine, this report makes the case for an ambitious ECB approach to climate change in response to the current crises and the mounting threat of climate-related inflations. The report analyses the three types of climate-related inflations identified by ECB board member Isabel Schnabel in March 2022. It shows that managing climate-related inflations is necessary to fulfilling the ECB’s price stability mandate and requires proactive support for a clean energy transition. Considering this conclusion, the report provides three main recommendations for the ECB to contribute to the EU transition.