Klimaatverandering en de ECB
Bij de ECB onderzoeken we hoe we doeltreffend kunnen bijdragen tot de bestrijding van de klimaatverandering. We gaan na welke risico’s de klimaatverandering met zich meebrengt voor de economie en het financieel stelsel. Klimaatverandering kan de economie beïnvloeden door extreme weersomstandigheden en onzekerheid over de transitie naar een koolstofarme economie.
“Aan de hand van onze strategische evaluatie zullen we bepalen waar en hoe het probleem van de klimaatverandering en de bestrijding ervan ons beleid kunnen beïnvloeden.”
Christine Lagarde, president van de ECB
De ECB onderneemt actie op vier belangrijke werkterreinen
Economische analyse
De medewerkers van de ECB nemen de klimaatverandering in aanmerking in de macro-economische modellen, prognosemethoden en risicobeoordelingen van de ECB.
Bankentoezicht
De toezichthouders gaan met de banken in gesprek om de risico's van klimaatverandering onder de aandacht te brengen, zodat de banken deze risico’s goed kunnen beheersen.
Monetair beleid en beleggingsportefeuilles
In het kader van de programma's voor de aankoop van activa heeft de ECB in groene obligaties belegd. Daarbij is het zaak om marktverstoringen te vermijden.
Financiële stabiliteit
Experts op het terrein van financiële stabiliteit meten en beoordelen de risico's van klimaatverandering voor het financieel stelsel. Hun bevindingen worden gedeeld met het publiek, marktpartijen en beleidsmakers.
Reactie van het Eurosysteem op de vernieuwde strategie voor duurzame financiering
De ECB en de nationale centrale banken van de eurolanden staan klaar om de Europese Commissie te steunen bij haar inspanningen om een strategie voor duurzame financiering te ontwikkelen en de publicatie van niet-financiële informatie te verbeteren. In het kader van de openbare raadplegingen die de Commissie heeft gehouden, hebben we vijf prioriteiten geformuleerd.
Overige initiatieven
Green ECB
We proberen voortdurend van de ecologische voetafdruk van de ECB verder te verkleinen. Geïnteresseerd in wat we tot dusver hebben bereikt? Kijk dan op onze webpagina over milieubescherming.
Earth Hour
De ECB neemt sinds 2012 deel aan dit evenement. Door de verlichting in ons hoofdgebouw uit te schakelen, proberen we het thema van de klimaatverandering onder de aandacht te brengen.
Netwerk voor vergroening van het financiële stelsel
De ECB is lid van het netwerk voor vergroening van het financiële stelsel (Network for Greening the Financial System), een groep van centrale banken en financiële toezichthouders van de vijf continenten die zoeken naar manieren om een vlotte transitie naar een koolstofarme economie mogelijk te maken. De ECB is in 2020 toegetreden tot het Stuurcomité, het dagelijks bestuur van het netwerk.
Podcast
De ECB-podcast: klimaatverandering en de rol van centrale banken
Welke invloed heeft klimaatverandering op de financiële stabiliteit? Waarom koopt de ECB niet meer groene obligaties? Hoe kunnen banken zich beter voorbereiden op klimaatrisico's? Gastheer Michael Steen bespreekt deze vragen met onze deskundige gasten Fatima Pires, Madelaine Roos en Patrick Amis.
Toespraken en interviews
- 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
Onderzoek
- 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. 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 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.
Overige punten
- 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