El cambio climático y el BCE
En el BCE exploramos vías que nos permitan combatir eficazmente el cambio climático. Trabajamos para identificar los riesgos que el cambio climático puede representar para la economía y para el sistema financiero. El cambio climático puede afectar a la economía a través de fenómenos meteorológicos extremos e incertidumbres relacionadas con la transición hacia una economía baja en carbono.
«Mediante la revisión de nuestra estrategia determinaremos dónde y cómo pueden afectar a nuestras políticas la cuestión del cambio climático y la lucha contra este problema».
Christine Lagarde, presidenta del BCE
Iniciativas del BCE en sus cuatro áreas de competencia principales
Análisis económico
Los expertos del BCE tienen en cuenta el cambio climático en los modelos macroeconómicos, los métodos de predicción y las evaluaciones de riesgos del BCE.
Supervisión bancaria
Los supervisores mantienen un diálogo con los bancos para concienciarles de los riesgos que plantea el cambio climático. El objetivo es que las entidades de crédito puedan gestionar esos riesgos adecuadamente.
Política monetaria y carteras de inversión
En el marco de su programa de compras de activos, el BCE ha invertido en bonos verdes, prestando atención a la necesidad de evitar distorsiones en los mercados.
Estabilidad financiera
Los expertos en estabilidad financiera miden y evalúan los riesgos del cambio climático para el sistema financiero. Sus conclusiones se comunican al público, a los participantes en el mercado y a los encargados de elaborar las políticas.
Respuesta del Eurosistema sobre la estrategia renovada de finanzas sostenibles de la Comisión Europea
El BCE y los bancos centrales nacionales de los países que han adoptado el euro están preparados para apoyar a la Comisión Europea en la elaboración de una estrategia de finanzas sostenibles y en la mejora de la divulgación de los informes de carácter no financiero. Hemos identificado cinco prioridades fundamentales en respuesta a las consultas públicas de la Comisión.
Otras iniciativas
Green ECB
Trabajamos continuamente para reducir la huella ecológica del BCE. Para conocer nuestros logros, visite nuestra página sobre protección del medio ambiente.
Hora del Planeta
El BCE participa en este evento desde 2012. Apagando las luces de nuestro edificio principal tratamos de promover la sensibilización sobre el cambio climático.
Red para la Ecologización del Sistema Financiero
El BCE es miembro de la Red para la Ecologización del Sistema Financiero (NGFS, por sus siglas en inglés), un grupo de bancos centrales y supervisores financieros de los cinco continentes que investigan formas de apoyar una transición fluida hacia una economía baja en carbón.
Podcast
Podcast del BCE: el cambio climático y el papel de los bancos centrales
¿Cuáles son los efectos del cambio climático en la estabilidad financiera? ¿Por qué el BCE no compra más bonos verdes? ¿Cómo pueden los bancos prepararse mejor para afrontar los riesgos relacionados con el cambio climático? Nuestro moderador Michael Steen analiza estas cuestiones con sus invitados expertos en la materia Fatima Pires, Madelaine Roos y Patrick Amis.
Discursos y entrevistas
- 17 Jun 2020
- Andrea Enria: ECB Banking Supervision’s approach to climate risksKeynote speech by Andrea Enria, Chair of the Supervisory Board of the ECB, at the European Central Bank Climate and Environmental Risks Webinar
- 27 Feb 2020
- Christine Lagarde: Climate change and the financial sectorSpeech by Christine Lagarde, President of the ECB, at the launch of the COP 26 Private Finance Agenda, London
- 21 Nov 2019
- Luis de Guindos: Implications of the transition to a low-carbon economy for the euro area financial systemSpeech by Luis de Guindos, Vice-President of the ECB, at the European Savings and Retail Banking Group Conference, “Creating sustainable financial structures by putting citizens first”
- 21 Nov 2019
- Andrea Enria: Regulation, proportionality and the sustainability of bankingSpeech by Andrea Enria, Chair of the Supervisory Board of the ECB, at the Retail Banking Conference "Creating sustainable financial structures by putting citizens first" of European Savings Bank Group, in Brussels
- 17 Oct 2019
- Luis de Guindos: Climate-related risksSpeaking notes by Luis de Guindos, Vice-President of the ECB, at roundtable event on climate-related risks at Bloomberg
- 9 Sept 2019
- Pentti Hakkarainen: The greening of the financial sectorSpeech by Pentti Hakkarainen, Member of the Supervisory Board of the ECB, at the Hannes Snellman Financial Law Seminar, Helsinki, 9 September 2019
- 15 May 2019
- Frank Elderson: We need to ensure resilience to climate-change riskInterview with Frank Elderson, Member of the Supervisory Board of the ECB, Supervision Newsletter, 15 May 2019
- 17 Apr 2019
- Sabine Lautenschläger: Central Bankers, Supervisors and Climate-Related RisksPanel remarks by Sabine Lautenschläger, Member of the Executive Board of the ECB, at the Network for Greening the Financial System Conference, in Paris, France, 17 April 2019
- 27 Nov 2018
- Yves Mersch: Climate change and central bankingSpeech by Yves Mersch, Member of the Executive Board of the ECB, Workshop discussion: Sustainability is becoming mainstream, Frankfurt, 27 November 2018
- 8 Nov 2018
- Benoît Cœuré: Monetary policy and climate changeSpeech by Benoît Cœuré, Member of the Executive Board of the ECB, at a conference on “Scaling up Green Finance: The Role of Central Banks”, organised by the Network for Greening the Financial System, the Deutsche Bundesbank and the Council on Economic Policies, Berlin, 8 November 2018
Trabajos de investigación
- No. 2
26 Mar 2020 -
The implications of fiscal measures to address climate change Economic Bulletin Issue 2, 2020
Abstract
JEL Classification
E3 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal PolicyAbstract
This box assesses the impact of fiscal measures to address climate change on growth and inflation over the March 2020 ECB staff projection horizon. Policies to reduce greenhouse gas emissions in the EU comprise: (a) the EU Emissions Trading System (ETS) and (b) national measures in sectors which are not covered by the ETS. Overall, the baseline assumes some impact of climate measures on prices related to the German climate package, while the assumed impact of measures in other countries is limited.
- No. 64
27 Nov 2019 - Research bulletin
Finance and decarbonisation: why equity markets do it betterAbstract
JEL Classification
G10 : Financial Economics→General Financial Markets→General
O4 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity
Q5 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics
Abstract
This article provides evidence that economies receiving more funding from stock markets than credit markets generate fewer carbon emissions. Increasing the equity financing share to one-half globally would reduce aggregate per capita emissions by about one-quarter of the Paris Agreement commitment. Our findings call for supporting equity-based initiatives rather than policies aimed at decarbonising the European economy through the banking sector.
- No. 2318
26 Sep 2019 - ECB Working Paper Series
Finance and carbon emissionsAbstract
JEL Classification
G10 : Financial Economics→General Financial Markets→General
O4 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity
Q5 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics
Abstract
We study the relation between the structure of financial systems and carbon emissions in a large panel of countries and industries over the period 1990-2013. We find that for given levels of economic and financial development and environmental regulation, CO2 emissions per capita are lower in economies that are relatively more equity-funded. Industry-level analysis reveals two distinct channels. First, stock markets reallocate investment towards less polluting sectors. Second, they also push carbon-intensive sectors to develop and implement greener technologies. In line with this second effect, we show that carbon-intensive sectors produce more green patents as stock markets deepen. We also document an increase in carbon emissions associated with the production of imported goods equal to around one-tenth of the reduction in domestic carbon emissions.
- 29 May 2019
- Financial Stability Review
Climate change and financial stability- No. 2247
25 Feb 2019- ECB Working Paper Series
The Green Golden Rule: habit and anticipation of future consumptionAbstract
JEL Classification
D90 : Microeconomics→Intertemporal Choice→General
Q56 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Environment and Development, Environment and Trade, Sustainability, Environmental Accounts and Accounting, Environmental Equity, Population Growth
G20 : Financial Economics→Financial Institutions and Services→General
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
Abstract
We derive the Green Golden Rule (GGR) in the Habit Formation (HF) and Anticipation of Future Consumption (AFC) frameworks. Since consumption is the key variable of GGR, time non-separabilities in preferences over consumption streams, given by the AFC and HF, may have important impacts on the environment and sustainability. We demonstrate that agents who smooth their consumption patterns, according to the HF hypothesis, are more likely to preserve the environment than those who anticipate future consumption or who do not so smooth consumption.
- Issue 7/2018
8 Nov 2018- Purchases of green bonds under the Eurosystem’s asset purchase programme
Economic Bulletin Issue 7, 2018Abstract
JEL Classification
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
Q59 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Other
E59 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→OtherAbstract
This box analyses the impact of the Eurosystem's asset purchase programme (APP) on the growing market for 'green bonds'. It describes the composition of the Eurosystem's green bond holdings and assesses developments in prices and outstanding volumes of green bonds, before discussing the extent to which these may have been affected by the APP.
- No. 1982
21 Nov 2016- ECB Working Paper Series
The impact of disasters on inflationAbstract
JEL Classification
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
G20
Abstract
This paper studies how disasters aff ect consumer price inflation, one of the main remaining gaps in our understanding of the impact of disasters. There is a marked heterogeneity in the impact between advanced economies, where the impact is negligible, and developing economies, where the impact can last for several years. There are also di fferences in the impact by type of disasters, particularly when considering inflation sub-indices. Storms in- crease food price inflation in the near term, although the eff ect dissipates within a year. Floods also typically have a short-run impact on inflation. Earthquakes reduce CPI inflation excluding food, housing and energy.
Otros
- 20 May-25 September 2020
- Public consultation
Public consultation on the draft ECB Guide on climate-related and environmental risks - June 2020
- ESRB Report
Positively green: Measuring climate change risks to financial stability - 8 June 2020
- Public consultation
Eurosystem reply to European Commission’s public consultations on the Renewed Sustainable Finance Strategy - May 2020
- ECB Guide
Guide on climate-related and environmental risks
- No. 2247