COUT DU CAPITAL “VERT” : LE ROLE DE LA BCE

The policy brief proposes that the European Central Bank (ECB) use monetary policy to create a cost-of-capital differential between 'green' and 'brown' activities. It suggests a green financing facility providing preferential refinancing rates to banks that fund renewable energy and energy-efficient building renovations. The author argues this would ensure credit availability, incentivize banks to meet environmental commitments, and support long-term price stability without increasing public spending, urging France to use its influence via the Banque de France to promote this agenda.

• The cost of capital is a critical factor for the deployment of green activities; for instance, in 2021, it accounted for 54% of the levelized cost of energy (LCOE) for solar power plants in Europe.
• The current climate strategy of the ECB is characterized as insufficient, consisting of marginal adjustments that reduce exposure to carbon-intensive activities but do not actively promote the economic transition. Furthermore, recent interest rate hikes by the ECB are increasing the cost of developing renewable energy solutions.
• The document proposes the creation of a green financing facility where the ECB provides preferential refinancing rates to banks that fund transition-essential activities, such as renewable energy and high-performance building renovation. This mechanism would allow the ECB to address short-term inflation while managing long-term inflation through the energy transition.
• A green financing facility would have two primary positive effects: ensuring lower credit rates for companies, public actors, and households investing in the transition, and incentivizing banks to develop financing tools that help them meet their own environmental commitments.
• Implementing this facility requires a majority of ECB governors and political support from governments. France is positioned to drive this change through the influence of the Banque de France within the ECB Governing Council.

APA

Reclaim Finance (2023). COUT DU CAPITAL “VERT” : LE ROLE DE LA BCE. https://reclaimfinance.org/site/wp-content/uploads/2023/05/2302_RF_Taux-dinteret-preferenciels-pour-le-financement-vert.pdf

Chicago

Reclaim Finance. COUT DU CAPITAL “VERT” : LE ROLE DE LA BCE. 2023. https://reclaimfinance.org/site/wp-content/uploads/2023/05/2302_RF_Taux-dinteret-preferenciels-pour-le-financement-vert.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=COUT DU CAPITAL “VERT” : LE ROLE DE LA BCE |date=February 2023 |url=https://reclaimfinance.org/site/wp-content/uploads/2023/05/2302_RF_Taux-dinteret-preferenciels-pour-le-financement-vert.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinance2023cout, author = {{Reclaim Finance}}, title = {{COUT DU CAPITAL “VERT” : LE ROLE DE LA BCE}}, institution = {Reclaim Finance}, year = {2023}, month = feb, url = {https://reclaimfinance.org/site/wp-content/uploads/2023/05/2302_RF_Taux-dinteret-preferenciels-pour-le-financement-vert.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }