La BCE contourne l’appel des députés européens à intégrer le climat

The document argues that the European Central Bank (ECB) remains inactive regarding climate risks despite exploratory work. It claims the ECB's 'market neutrality' principle creates a 'carbon bias' that supports fossil fuel companies and warns that the bank's focus on 'green' or 'sustainability-linked' bonds may facilitate greenwashing. Furthermore, the author highlights a lack of transparency regarding the ECB's non-monetary portfolios and their exposure to carbon-intensive sectors.

• The ECB has conducted exploratory work on climate risks, such as stress tests and supervision guides, but has not implemented concrete measures or adjustments to macro- or micro-prudential requirements. According to the G20's 'Green Central Bank Scorecard', the ECB and European regulators have not taken action to address risks concentrated in high greenhouse gas (GHG) emitting sectors.
• The ECB's adherence to the 'market neutrality' principle results in a 'carbon bias', meaning the bank continues to support fossil fuel companies even those planning new fossil projects. This contrasts with the Bank of England, which announced plans to exclude major polluters from its purchases by the end of 2021.
• The ECB's purchase of 'green bonds' and 'sustainability-linked bonds' is viewed as a passive following of the market rather than a proactive greening strategy. The document warns these instruments can be tools for greenwashing, noting that sustainability-linked bonds often have low ESG targets and green bonds may not correlate with GHG reductions.
• There is a significant lack of transparency regarding the ECB's non-monetary portfolios. While the ECB claims to follow a 'sustainable and responsible investment' (SRI) strategy, it has refused to publish the detailed criteria of this strategy, and available information suggests it is limited to increasing the share of green securities over time.

APA

admin (2021). La BCE contourne l’appel des députés européens à intégrer le climat. Reclaim Finance. https://reclaimfinance.org/site/2021/04/06/la-bce-contourne-lappel-des-deputes-europeens-a-integrer-le-climat/

Chicago

admin. La BCE contourne l’appel des députés européens à intégrer le climat. Reclaim Finance, 2021. https://reclaimfinance.org/site/2021/04/06/la-bce-contourne-lappel-des-deputes-europeens-a-integrer-le-climat/.

Wikipedia

{{cite press release |last1=admin |title=La BCE contourne l’appel des députés européens à intégrer le climat |publisher=Reclaim Finance |date=6 April 2021 |url=https://reclaimfinance.org/site/2021/04/06/la-bce-contourne-lappel-des-deputes-europeens-a-integrer-le-climat/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2021bce, author = {admin}, title = {{La BCE contourne l’appel des députés européens à intégrer le climat}}, publisher = {Reclaim Finance}, year = {2021}, month = apr, url = {https://reclaimfinance.org/site/2021/04/06/la-bce-contourne-lappel-des-deputes-europeens-a-integrer-le-climat/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }