QUANTITATIVE EASING ET CLIMAT 2

The briefing asserts that the European Central Bank (ECB) is fueling a 'gas frenzy' by purchasing assets from companies heavily invested in fossil fuel infrastructure. It highlights that 24 companies benefiting from ECB asset purchases are active in gas expansion, with 11 companies developing 6,215 new gas projects. The document challenges the narrative of natural gas as a 'transition energy,' citing its carbon emissions, methane leaks, and higher costs compared to renewables. It specifically names Total, Shell, Engie, and Enel as major developers of gas projects, including liquefied natural gas (LNG), and urges the ECB to integrate ethical and environmental criteria into its asset purchases to align with the Paris Agreement.

• The European Central Bank (ECB) is providing financial support to fossil fuel polluters through its quantitative easing programs, with 38 fossil fuel companies—including 10 coal companies—benefiting from asset purchases as of May 2020.
• Companies supported by the ECB are significantly expanding gas infrastructure both in Europe and globally. In Europe, these companies operate 123 plants and extract gas from 48 sites, while globally they operate 96 gas pipelines and 97 LNG terminals.
• The ECB supports 11 companies involved in the development of 6,215 new gas projects. Four companies—Total, Shell, Engie, and Enel—are particularly prominent, with 45 projects between them, 35 of which involve liquefied natural gas (LNG).
• The document disputes the classification of natural gas as a 'low-carbon' or 'transition' energy, noting that its combustion emits an average of 320 kg CO2/boe (approximately 59% of coal's emissions) and that methane leaks have a warming potential 80 times higher than CO2 over 20 years.
• The ECB's delay in implementing environmental and ethical criteria for asset purchases—which may not take effect until 2022—is viewed as too late to prevent the expansion of fossil fuel infrastructure and the associated climate risks.

APA

Schreiber, P., & Pinson, L. (2020). QUANTITATIVE EASING ET CLIMAT 2. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2020/09/RF-QE-et-climat-2-La-BCE-alimente-la-fr%C3%A9n%C3%A9sie-gazi%C3%A8re.pdf

Chicago

Schreiber, Paul, and Lucie Pinson. QUANTITATIVE EASING ET CLIMAT 2. Reclaim Finance, 2020. https://reclaimfinance.org/site/wp-content/uploads/2020/09/RF-QE-et-climat-2-La-BCE-alimente-la-fr%C3%A9n%C3%A9sie-gazi%C3%A8re.pdf.

Wikipedia

{{cite report |last1=Schreiber |first1=Paul |last2=Pinson |first2=Lucie |title=QUANTITATIVE EASING ET CLIMAT 2 |publisher=Reclaim Finance |date=September 2020 |url=https://reclaimfinance.org/site/wp-content/uploads/2020/09/RF-QE-et-climat-2-La-BCE-alimente-la-fr%C3%A9n%C3%A9sie-gazi%C3%A8re.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{schreiber2020quantitative, author = {Schreiber, Paul and Pinson, Lucie}, title = {{QUANTITATIVE EASING ET CLIMAT 2}}, institution = {Reclaim Finance}, year = {2020}, month = sep, url = {https://reclaimfinance.org/site/wp-content/uploads/2020/09/RF-QE-et-climat-2-La-BCE-alimente-la-fr%C3%A9n%C3%A9sie-gazi%C3%A8re.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }