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Climate change and the ECB

Through our strategy review, we will determine where and how the issue of climate change and the fight against climate change can actually have an impact on our policies.

Christine Lagarde, President of the ECB

We at the ECB are exploring how we can be effective in the fight against climate change. We are working to identify the risks that climate change can present to the economy and the financial system.

Climate change can affect the economy through extreme weather events and uncertainties related to the transition to a low-carbon economy.

Climate change centre

As climate change becomes more important for the economy and our policies, our climate change centre shapes and steers the ECB’s climate agenda and brings together our work on climate change and sustainable finance.

Press release

The ECB takes actions in four main areas of competence

Economic analysis

ECB staff ensure that climate change is taken into account in the ECB’s macroeconomic models, forecasting methods, and risk assessments.


Banking supervision

Supervisors engage with banks to raise awareness of risks emerging from climate change. The aim is to ensure that banks are able to manage these risks properly.


Monetary policy and investment portfolios

As part of the ECB’s asset purchase programmes we have invested in green bonds, taking into account the need to avoid market distortions.


Financial stability

Financial stability experts measure and assess the risks posed to the financial system by climate change. Their findings are communicated to the public, to market participants and to policy makers.


Other initiatives

Green ECB

We are continuously working to reduce the ECB’s ecological footprint. If you are interested in what we have achieved so far, see our page on Environmental protection.

Earth hour

The ECB has participated in this event since 2012. By switching off the lights in our main building, we seek to raise awareness about climate change.

The ECB Podcast: climate change and the role of central banks

How does climate change affect financial stability? Why isn’t the ECB buying more green bonds? How can banks better prepare for climate-related risks? Our host Michael Steen discusses these questions with expert guests Fatima Pires, Madelaine Roos and Patrick Amis.

More (available in English only)

The ECB is a member of the following groups

The Eurosystem’s response to the European Commission’s Renewed Sustainable Finance Strategy

The ECB and the national central banks of the countries that have adopted the euro stand ready to support the European Commission’s work to develop a sustainable finance strategy and improve the disclosure of non-financial information. We have identified five key priorities in response to the Commission’s public consultations.

Read our response

The Network for Greening the Financial System (NGFS)

The ECB is a member of the NGFS: a group of central banks and financial supervisors from five continents who look for ways to support a smooth transition towards a low-carbon economy. In 2020 the ECB joined the network’s executive body, the Steering Committee.

Visit the NGFS website

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