Quantitative easing et climat : Le sale secret de la Banque Centrale Européenne

The document examines the climate impact of the European Central Bank's (ECB) asset purchase programs, specifically the Corporate Sector Purchase Programme (CSPP) and the Pandemic Emergency Purchase Programme (PEPP). It highlights a significant lack of transparency regarding the value of held assets and argues that the ECB's 'market neutrality' principle results in a portfolio heavily weighted toward carbon-intensive sectors. The report identifies 38 fossil fuel companies in the ECB's portfolio, including 10 linked to coal and several majors like Shell, Total, and Eni. It concludes with recommendations for the ECB to exclude companies without 1.5°C-aligned exit plans and to adopt a 'brown taxonomy' to better target asset purchases.

• The ECB's asset purchase programs lack transparency, as the bank does not publish the individual value of titles held under the CSPP and PEPP, making it impossible to determine the exact financial impact on the climate or social sectors.
• As of mid-April 2020, the ECB's corporate asset portfolio included 38 fossil fuel companies, with 10 specifically linked to coal. Of these coal-linked firms, 9 have no closure plans aligned with a 1.5°C trajectory and the Paris Agreement.
• The ECB holds titles for major oil and gas companies, including Shell, Total, and Eni, despite their plans to increase production. Specifically, Shell and Total intend to increase oil and gas production by 38% and 12% respectively between 2018 and 2030.
• The ECB's 'market neutrality' principle is criticized for creating a pro-polluter bias. Research indicates that 63% of CSPP titles finance high greenhouse gas emitters, with fossil fuels representing 13.5% and carbon-intensive transport 18% of the portfolio.
• Beyond fossil fuels, the ECB's portfolio includes other high-emitting sectors such as aviation (including Airbus and Ryanair) and raises ethical concerns by financing arms manufacturers like Dassault Systèmes and Thalès.
• The report recommends that the ECB exclude companies that do not adopt detailed coal exit plans by 2021 (targeting 2030 for Europe/OECD and 2040 globally) or oil and gas exit plans by 2022 (targeting 2040/2050).

APA

Schreiber, P. (2020). Quantitative easing et climat : Le sale secret de la Banque Centrale Européenne. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2020/05/Rapport-Quantitative-easing-le-sale-secret-de-la-BCE-RF.pdf

Chicago

Schreiber, Paul. Quantitative easing et climat : Le sale secret de la Banque Centrale Européenne. Reclaim Finance, 2020. https://reclaimfinance.org/site/wp-content/uploads/2020/05/Rapport-Quantitative-easing-le-sale-secret-de-la-BCE-RF.pdf.

Wikipedia

{{cite report |last1=Schreiber |first1=Paul |title=Quantitative easing et climat : Le sale secret de la Banque Centrale Européenne |publisher=Reclaim Finance |date=18 May 2020 |url=https://reclaimfinance.org/site/wp-content/uploads/2020/05/Rapport-Quantitative-easing-le-sale-secret-de-la-BCE-RF.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{schreiber2020quantitative, author = {Schreiber, Paul}, title = {{Quantitative easing et climat : Le sale secret de la Banque Centrale Européenne}}, institution = {Reclaim Finance}, year = {2020}, month = may, url = {https://reclaimfinance.org/site/wp-content/uploads/2020/05/Rapport-Quantitative-easing-le-sale-secret-de-la-BCE-RF.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }