Trillions are needed for the deep building renovations required to meet Europe’s climate targets. To make this happen, EU institutions need to use the network of banks across Europe and incentivise loans for home renovation, argue finance campaigners.
What are the conclusions of the ECB’s strategy review, and what are the implications of its climate action on our everyday lives?
In this short presentation, our economist Uuree focuses on the Asset Purchase Programmes, namely the Corporate Sector Purchase Programme of the ECB and explains why it represents a real issue when it comes to the climate emergency.
With the results of the ECB strategy review now published, the commitment of the ECB to tackle climate change is officially on paper. While it is a step in the right direction, disclosures, as largely planned by the ECB, in themselves do not constitute significant actions towards tackling climate change. Combined with the slow speed of implementation, we doubt the ambition of the climate roadmap.
The outcomes of the ECB’s strategic review show how much progress was made on civil society demands such as climate action and the inclusion of housing prices in inflation data. However, the ECB failed to depart from the status quo in terms of its core monetary policy tasks. Nonetheless, the ECB’s commitment to carry out periodic reviews, as soon as in 2025) are good foundations for working towards a more effective and fair monetary policy.
The European Central Bank (ECB) and European Banking Authority (EBA) are failing to walk the talk on fighting climate breakdown and are lagging behind China and Brazil in their actions in response to climate change, a new study by Positive Money UK reveals.
Those sceptical that the European Central Bank (ECB) should its green monetary policy claim this is not compatible with the ECB’s mandate, and that this would be undemocratic. But fighting climate change is part of the ECB’s mandate, and democratically elected politicians can legitimise a greener approach.
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