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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.

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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.

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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.

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Discursos y entrevistas

17 Jun 2020
Andrea Enria: ECB Banking Supervision’s approach to climate risks
Keynote 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 sector
Speech 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 system
Speech 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 banking
Speech 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 risks
Speaking 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 sector
Speech 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 risk
Interview 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 Risks
Panel 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 banking
Speech 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 change
Speech 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
Economic bulletin
The implications of fiscal measures to address climate change
English
No. 64
27 Nov 2019
Research bulletin
Finance and decarbonisation: why equity markets do it better

Abstract

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 emissions

Abstract

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 consumption

Abstract

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
Economic Bulletin
Purchases of green bonds under the Eurosystem’s asset purchase programme

Abstract

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.

No. 1982
21 Nov 2016
ECB Working Paper Series
The impact of disasters on inflation

Abstract

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