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Climate change and the ECB

Climate change can affect price stability. Therefore, we will do our part within our mandate to tackle it.

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

We at the ECB are committed to taking the impact of climate change into consideration in our monetary policy framework.

While governments and parliaments have the primary responsibility to act on climate change, we will do our part within our mandate.

Our monetary policy action plan to tackle climate change

As a result of our recent strategy review, we have decided on an action plan with an ambitious roadmap to incorporate climate change considerations into our monetary policy work.

Press release

What are the pillars of our monetary policy climate roadmap?

Our action plan lays out an ambitious roadmap to take the effects of climate change into account. Three major pillars guide our commitment to tackle climate change and do our part.

Find out more

Climate change centre

Our climate change centre shapes and steers the ECB’s climate agenda and brings together our work on climate change and sustainable finance. It also coordinates all activities that are part of our climate roadmap.

Press release

Focus on

While our monetary policy roadmap sets out where we want to go, we’ve already started working on climate change in four main areas

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 monitor action on risks emerging from climate change. The aim is to ensure that banks are able to detect and 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 stress test: time to act now!

What are the results of our first economy-wide climate stress test? What do they mean for people, companies and banks? In this episode of The ECB Podcast, our host Katie Ranger discusses these questions with Vice-President Luis de Guindos and Irene Heemskerk, the head of our climate change centre.


The ECB works together on climate change with other institutions

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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