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Climate change and the ECB

We are firmly committed to doing our part to address climate change, within our mandate.

Climate change poses risks to our economy and the financial sector. We need to assess how climate change and the transition to a carbon-neutral society affect our economy, so that we can account for their influence on our work as a central bank and banking supervisor. This will help us to keep prices stable and banks safe.

Our objectives

Our work on climate change focuses on three main objectives. These help our policies to remain effective and fit for a changing world.

Managing climate-related risks

We work to better understand, monitor, and manage climate-related risks in our monetary policy and investment operations as well as in the financial system. We also assess the economic impact of climate change and mitigation policies.

More on managing climate risks
Supporting the green transition

We support an orderly transition to a carbon-neutral economy with measures that are within our mandate. This includes promoting the development of sustainable finance and creating incentives for a greener financial system.

More on supporting the green transition
Fostering wider action

We help improve the overall understanding of climate-related risks and work closely with European and international partners on climate and sustainable finance topics. We also work to improve the transparency of our activities, and reduce our own environmental impact.

More on fostering wider action

Our approach

Our climate strategy will evolve over time as the data and models that we use to understand climate-related risks improve. In the meantime, we are already taking action wherever possible.

More on our approach

Ongoing climate action at the ECB

Our climate agenda

Our climate agenda details all ongoing climate-related work at the ECB, grouped into six priority areas and based on our three strategic climate objectives.

Our climate agenda

Banking supervision

As part of our supervisory role, it is our responsibility to ensure that banks manage risks, including those that stem from climate change. That’s why, as part of our climate agenda, we are working to incorporate climate change considerations into our supervision.

Find out more

Environmental protection

We continuously work to reduce the environmental footprint of our day-to-day corporate activities.

Find out more

Our climate-related financial disclosures

As part of our commitment to transparency and our climate objectives, we regularly disclose information about the carbon footprint and climate risk of our investments.

Find out more about our disclosures

Internal strategy and coordination

Climate change centre

We have set up the climate change centre to help shape and steer our climate agenda, bringing the work and expertise of different business areas together.

Press release

LOOKING FOR THE LATEST ON CLIMATE CHANGE?

FIND IT BELOW

28 March 2023

Results of the 2022 climate risk stress test of the Eurosystem balance sheet

27 March 2023

Urgent and vitally important: 2023 as a key milestone in stepping up the management of climate and environmental risks

24 March 2023

How green is our balance sheet?

23 March 2023

ECB starts disclosing climate impact of portfolios on road to Paris-alignment

23 March 2023

Climate-related financial disclosures of the Eurosystem’s corporate sector holdings for monetary policy purposes

VIEW ALL PUBLICATIONS ON CLIMATE CHANGE

The ECB Podcast – Greening the financial system: milestones in our climate change journey

What did our climate stress test show? How will we integrate climate change into monetary policy?

Our host Katie Ranger puts these and other questions to Executive Board member Frank Elderson on the ECB Podcast.

Listen to the ECB Podcast on climate change

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