La BCE et le changement climatique
À la BCE, nous explorons les moyens de jouer un rôle efficace dans la lutte contre le changement climatique. Nous nous employons à détecter les risques qu’il peut faire peser sur l’économie et le système financier. Au travers des événements météorologiques extrêmes et des incertitudes qui entourent la transition vers une économie sobre en carbone, le changement climatique peut en effet avoir une incidence économique.
« Notre évaluation stratégique nous permettra de déterminer de quelles façons la question du changement climatique et la lutte engagée dans ce domaine peuvent véritablement influencer nos politiques ».
Christine Lagarde, présidente de la BCE
La BCE prend des mesures dans quatre grands domaines de compétence
Analyse économique
Les services de la BCE veillent à ce que le changement climatique soit pris en compte dans ses modèles et méthodes de projections macroéconomiques et dans ses évaluations des risques.
Supervision bancaire
Les autorités de surveillance sensibilisent les banques aux risques liés au changement climatique, s’assurant ainsi que celles-ci sont en mesure de gérer ces risques de manière appropriée.
Politique monétaire et portefeuilles d’investissement
Dans le cadre de ses programmes d’achats d’actifs, la BCE a investi dans des obligations vertes tout en tenant compte de la nécessité d’éviter les distorsions de marché.
Stabilité financière
Les experts de la stabilité financière mesurent et estiment les risques que le changement climatique fait peser sur le système financier. Ils communiquent leurs constatations au grand public, aux intervenants de marché et aux responsables politiques.
Réponse de l’Eurosystème à la stratégie renouvelée de la Commission européenne en matière de finance durable
La BCE et les banques centrales nationales des pays qui ont adopté l’euro sont prêtes à soutenir les travaux de la Commission européenne en vue d’élaborer une stratégie de finance durable et d’améliorer la communication d’informations non financières. Nous avons déterminé cinq priorités principales en réponse aux consultations publiques de la Commission.
Autres initiatives
L’écologie à la BCE
Nous nous employons sans relâche à réduire l’empreinte écologique de la BCE. Si vous souhaitez en savoir plus sur nos réalisations dans ce domaine, vous pouvez consulter la page de notre site Internet consacrée à la protection de l’environnement.
Earth Hour (l’heure de la Terre)
La BCE est fidèle à ce rendez-vous depuis 2012. Nous éteignons les lumières de notre bâtiment principal afin de sensibiliser le grand public au changement climatique.
Réseau pour le verdissement du système financier (Network for Greening the Financial System, NGFS)
La BCE est membre du NGFS, un groupe de banques centrales et d’autorités de surveillance financière des cinq continents qui cherchent des moyens de favoriser une transition harmonieuse vers une économie à faible émission de carbone. Depuis 2020, la BCE siège au comité de pilotage du NGFS, qui en est l’organe exécutif.
Podcast
Podcast de la BCE : le rôle des banques centrales face au changement climatique
En quoi le changement climatique influe-t-il sur la stabilité financière ? Pourquoi la BCE n’achète-t-elle pas plus d’obligations vertes ? Comment les banques peuvent-elles mieux se préparer aux risques liés au climat ? Notre hôte Michael Steen échange sur ces questions avec Fatima Pires, Madelaine Roos et Patrick Amis, les experts invités.
Discours et interviews
- 31 August 2020
- Isabel Schnabel: Interview with Reuters Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Balazs Koranyi and Frank Siebelt on 28 August 2020 and published on 31 August 2020"
- 31 July 2020
- Christine Lagarde: Interview with Le Courrier Cauchois Interview with Christine Lagarde, conducted by Dominique Lecoq and Marc Aubault on 29 July and published on 31 July
- 23 July 2020
- Christine Lagarde: Interview with The Washington Post Video interview with Christine Lagarde, President of the ECB, conducted live by David Ignatius on 22 July 2020
- 17 July 2020
- Isabel Schnabel: Never waste a crisis: Covid-19, climate change and monetary policy Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at a virtual roundtable on “Sustainable Crisis Responses in Europe” organised by the INSPIRE research network, 17 July 2020
- 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
Études et recherche
- No. 2
26 Mar 2020 -
The implications of fiscal measures to address climate changeEconomic 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 Policy
Abstract
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. 43
- Issue 7/2018
8 Nov 2018 - Purchases of green bonds under the Eurosystem’s asset purchase programmeEconomic 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→Other
Abstract
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.
Autres
- 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