Climate roadmap: now what? Next steps for the ECB to support the low-carbon transition

In 2021, the ECB embraced a major shift in thinking by adopting a roadmap on climate change. However, given the urgency of the environmental breakdown and the current energy costs crisis, progress remains too slow. Together with 16 partner NGOs, we offer the ECB recommendations on how to best implement the ECB’s climate strategy.

New Research: “The role of central banks’ credit rating in mitigating climate and environmental risk”

New research by Positive Money Europe and WWF proposes expanding the role of Eurosystem’s own internal credit assessment systems, the so-called ICASs, to integrate climate and environmental risks. We see the increasing role and potential of C&E risk integration into ICASs as a concrete, workable and impactful way to green the collateral framework.

New report “The ECB’s neglected secondary mandate: An inter-institutional solution”  

A new report by Positive Money Europe proposes to break the deadlock on the ECB’s secondary mandate. Rather than cherry-picking its secondary objectives, the ECB should coordinate with other EU institutions to seek clarity on which EU priorities the ECB should support. 

A race against time: The implications of the ECB climate action plan

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. 

FROM THE BLOG

How the ECB can help reduce energy prices on the long run

How the ECB can help reduce energy prices on the long run

The combination of higher inflation and the still too slow green transition creates a dilemma for the European Central Bank because taming down inflation using its traditional interest rate policy would effectively make green energy investments costlier. To avoid such counter-productive outcomes, the ECB needs to signal clearly that any effort to fight inflation will also maintain favorable funding conditions for spending or investments that contribute to a successful energy transition.

Inflation – A historical look at its causes

Inflation – A historical look at its causes

Amidst soaring inflation, central bankers should avoid panicking prematurely and compare the current situation to that of stagflation as seen in the 1960s and 1970s. Even persistent inflation has causes other than monetary policy, Economist and historian Eric Monnet reminds us.

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