Collateral damage : En finir avec le soutien de la BCE aux entreprises fossiles

The statement criticizes the European Central Bank (ECB) for continuing to allow assets from fossil fuel developers to serve as collateral for bank liquidity. It highlights that 32 fossil fuel developers were eligible for collateral between July 2023 and January 2024, including coal companies without exit dates. The author argues that current limits on high-emitting securities are easily bypassed via financial subsidiaries and that haircuts for companies like TotalEnergies and Shell are insufficiently low (down to 1%) given their continued exploration of new oil and gas fields.

• Between July and September 2023, and between November 2023 and January 2024, the Eurosystem allowed assets from 32 fossil fuel developers to be eligible as collateral, including two coal companies that have not set coal exit dates.
• Proposed ECB limits on the volume of securities from high-emitting companies are unlikely to affect fossil fuel developers because they can use financial subsidiaries to bypass these limits; for example, eligible assets for Repsol, BP, Glencore, and Shell already came from such subsidiaries.
• The ECB does not systematically treat securities from fossil fuel companies as higher risk, with haircuts as low as 1% for TotalEnergies and Shell despite their ongoing exploration and development of new oil and gas fields.

APA

Martin, L. (2024). Collateral damage : En finir avec le soutien de la BCE aux entreprises fossiles. Reclaim Finance. https://reclaimfinance.org/site/2024/04/04/collateral-damage-en-finir-avec-le-soutien-de-la-bce-aux-entreprises-fossiles/

Chicago

Martin, Léo. Collateral damage : En finir avec le soutien de la BCE aux entreprises fossiles. Reclaim Finance, 2024. https://reclaimfinance.org/site/2024/04/04/collateral-damage-en-finir-avec-le-soutien-de-la-bce-aux-entreprises-fossiles/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=Collateral damage : En finir avec le soutien de la BCE aux entreprises fossiles |publisher=Reclaim Finance |date=3 April 2024 |url=https://reclaimfinance.org/site/2024/04/04/collateral-damage-en-finir-avec-le-soutien-de-la-bce-aux-entreprises-fossiles/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2024collateral, author = {Martin, Léo}, title = {{Collateral damage : En finir avec le soutien de la BCE aux entreprises fossiles}}, publisher = {Reclaim Finance}, year = {2024}, month = apr, url = {https://reclaimfinance.org/site/2024/04/04/collateral-damage-en-finir-avec-le-soutien-de-la-bce-aux-entreprises-fossiles/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }