Ympäristönsuojelu EKP:ssä
EKP pyrkii selvittämään, kuinka se voi osallistua tehokkaasti ilmastonmuutoksen torjuntaan ja millaisia riskejä ilmastonmuutoksesta voi aiheutua taloudelle ja rahoitusjärjestelmälle. Ilmastonmuutos esimerkiksi lisää äärimmäisiä sääilmiöitä, ja vähähiiliseen talouteen siirtymiseen liittyy monenlaisia epävarmuustekijöitä.
”Osana strategiamme uudelleenarviointia me selvitämme myös, miten ilmastonmuutos ja sen torjuminen voidaan ottaa huomioon rahapolitiikassa.”
Christine Lagarde, EKP:n pääjohtaja
EKP huomioi ilmastonmuutoksen neljällä keskeisellä tehtäväalueellaan
Taloudellinen analyysi
EKP:n henkilöstö varmistaa, että ilmastonmuutos otetaan huomioon EKP:n makrotalousmalleissa, ennustemenetelmissä ja riskiarvioinneissa.
Pankkivalvonta
Valvojat pitävät ilmastonmuutoksen synnyttämiä riskejä esillä yhteydenpidossaan pankkeihin. Tarkoitus on varmistaa, että pankit tiedostavat nämä riskit ja pystyvät hallitsemaan niitä asianmukaisesti.
Rahapolitiikka ja sijoitussalkut
EKP on hankkinut omaisuuserien osto-ohjelmissaan myös niin sanottuja vihreitä joukkolainoja, kunhan ostoilla ei ole aiheutettu markkinavääristymiä.
Rahoitusvakaus
Rahoitusvakauden asiantuntijat mittaavat ja arvioivat riskejä, joita ilmastonmuutoksesta aiheutuu rahoitusjärjestelmälle. Arviointituloksista tiedotetaan yleisölle, markkinaosapuolille ja päättäjille.
Eurojärjestelmän kanta Euroopan komission uudistettuun kestävän rahoituksen strategiaan
EKP ja euron käyttöön ottaneiden maiden kansalliset keskuspankit ovat valmiit tukemaan Euroopan komission työtä kestävän rahoituksen strategian kehittämiseksi ja muiden kuin taloudellisten tietojen julkaisemisen parantamiseksi. Eurojärjestelmä tuo vastauksessaan esiin viisi keskeistä seikkaa.
Muita aloitteita
Vihreä EKP
EKP tekee jatkuvasti työtä ekologisen jalanjälkensä pienentämiseksi. Työn tähänastisista tuloksista on tietoa EKP:n ympäristönsuojelusivulla.
Earth Hour
EKP on osallistunut Earth Hour ‑tapahtumaan vuodesta 2012 alkaen sammuttamalla päärakennuksensa valot. Tarkoituksena on lisätä tietoisuutta ilmastonmuutoksesta.
Network for Greening the Financial System ‑yhteistyöverkosto (NGFS)
EKP on mukana NGFS-yhteistyöverkostossa, jonka jäseninä on viiden maanosan keskuspankkeja ja finanssivalvojia. Verkostossa kehitetään tapoja sujuvoittaa siirtymistä vähähiiliseen talouteen.
Podcast
EKP:n podcast-lähetys keskuspankkien roolista ilmastonmuutoksessa
Miten ilmastonmuutos vaikuttaa rahoitusvakauteen? Miksi EKP ei osta enemmän vihreitä joukkolainoja? Miten pankit voivat varautua ilmastonmuutokseen liittyviin riskeihin paremmin? Lähetyksen juontaja Michael Steen tarkastelee näitä aiheita asiantuntijavieraidensa Fatima Piresin, Madelaine Roosin ja Patric Amis’n kanssa.
Puheita ja haastatteluja
- 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
Tutkimus
- 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 stabilityAbstract
JEL Classification
G01 : Financial Economics→General→Financial Crises
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
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
This special feature discusses the channels through which climate change can affect financial stability and illustrates the exposure of euro area financial institutions to risks from climate change with the help of granular data. Notwithstanding currently limited data availability, the analysis shows that climate change-related risks have the potential to become systemic for the euro area, in particular if markets are not pricing the risks correctly. A deeper understanding of the relevance of climate change-related risks for the euro area financial system at large is therefore needed. Better data availability and comparability and the development of a forward-looking framework for risk assessments are important aspects of this work going forward.
- 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, 2018
Abstract
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.
Muuta aineistoa
- 20 May-25 September 2020
- Public consultation
Public consultation on the draft ECB Guide on climate-related and environmental risks - June 2020
- 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