The ECB can reconcile its price stability mandate with the EU’s environmental and economic objectives by offering differentiated lower rates for particular types of investments such as energy efficiency and renewables.
Today our activists and partners demonstrated in front of the European Parliament in Brussels, calling on Members of the European Parliament (MEPs) to help people heat homes.
Key activities and moments from the last 12 month
To reach net zero by 2050, the EU’s investment efforts are focused on two main areas: renewable energy and energy efficiency. The urgency for action has increased immensely given the current energy crisis. While the overall costs of green technologies have been decreasing and the scale of investments has been accelerating, the sudden and successive interest rate increases threaten to have a negative impact on the cost and the speed of the green transition. Only targeted monetary and fiscal interventions can counter the effects of rising rates and a deteriorating investment environment.
As bills rise, the planet gets hotter, and the energy crisis rages, fuelled by foreign fossil fuel exports, it’s clear that we cannot continue to burn fossil fuels as we do now. In the European Union (EU), buildings are currently responsible for 36% of carbon emissions – we need to take urgent measures to reduce energy use in our homes. Our people-powered “Unlock” campaign is based on three key demands to make this happen.
True to our commitment to being the bridge between people and the European Central Bank (ECB), ahead of the last monetary dialogue in June we collaborated with our friends at SumOfUs to collect our supporters’ views, expectations and concerns related to the ECB’s work. The results showed overwhelming support for ambitious and proactive environmental actions by the ECB. They also rang a bell about the need for clearer communication from the Central Bank on the effects of its interest rate hikes.
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