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Schimbările climatice și BCE

La BCE, explorăm modalități de combatere eficace a schimbărilor climatice. Ne străduim să identificăm riscurile pe care schimbările climatice le pot prezenta pentru economie și pentru sistemul financiar. Schimbările climatice pot afecta economia prin intermediul unor fenomene meteo extreme sau al incertitudinilor legate de tranziția la o economie cu emisii scăzute de dioxid de carbon.


„Prin evaluarea strategiei noastre, vom stabili în ce domenii și în ce mod problema schimbărilor climatice și combaterea acestora pot influența, de fapt, politicile noastre.”

Christine Lagarde, președinta BCE


BCE ia măsuri în patru domenii principale de competență

Analiza economică

Experții BCE se asigură că schimbările climatice sunt luate în considerare în modelele macroeconomice, metodele de prognozare și evaluările riscurilor ale BCE.

Supravegherea bancară

Supraveghetorii dialoghează cu băncile pentru a le sensibiliza cu privire la riscurile generate de schimbările climatice. Scopul este acela de a asigura că băncile au capacitatea de a gestiona aceste riscuri în mod corespunzător.

Politica monetară și portofoliile de investiții

În cadrul programelor de achiziționare de active ale BCE, am investit în obligațiuni ecologice (green bonds), ținând cont de necesitatea de a evita apariția unor distorsiuni pe piață.

Stabilitatea financiară

Experții în stabilitate financiară măsoară și evaluează riscurile reprezentate de schimbările climatice pentru sistemul financiar. Constatările acestora sunt comunicate publicului, participanților pe piață și factorilor de decizie.


Răspunsul Eurosistemului cu privire la Strategia reînnoită a Comisiei Europene privind finanțarea durabilă

BCE și băncile centrale naționale ale țărilor care au adoptat moneda euro sunt pregătite să sprijine activitatea Comisiei Europene destinată elaborării unei strategii privind finanțarea durabilă și îmbunătățirii publicării de informații nefinanciare. Ca răspuns la consultările publice lansate de Comisie, am identificat cinci priorități principale.

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Alte inițiative

O BCE ecologică

Ne străduim în mod continuu să reducem amprenta ecologică a BCE. Dacă te interesează să afli ce am realizat până acum, consultă pagina Protecția mediului de pe website-ul nostru.

Ora Pământului

BCE participă la acest eveniment din 2012. Prin stingerea luminilor în clădirea noastră principală, încercăm să sensibilizăm publicul cu privire la schimbările climatice.

Rețeaua pentru ecologizarea sistemului financiar (Network for Greening the Financial System – NGFS)

BCE este membră a NGFS: un grup de bănci centrale și autorități de supraveghere financiară de pe cinci continente, care caută modalități de sprijinire a unei tranziții ordonate către o economie cu emisii scăzute de dioxid de carbon.

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Podcast

Podcastul BCE: schimbările climatice și rolul băncilor centrale

În ce mod afectează schimbările climatice stabilitatea financiară? De ce nu achiziționează BCE mai multe obligațiuni ecologice? Cum se pot pregăti mai bine băncile pentru riscurile asociate schimbărilor climatice? Gazda noastră, Michael Steen, discută despre aceste aspecte cu invitații săi, experții Fatima Pires, Madelaine Roos și Patrick Amis.

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Discursuri și interviuri

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

Studii

No. 2
26 Mar 2020
The implications of fiscal measures to address climate change

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.

Economic Bulletin Issue 2, 2020
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
Issue 7/2018
8 Nov 2018
Purchases of green bonds under the Eurosystem’s asset purchase programme

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.

Economic Bulletin Issue 7, 2018
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.


Alte documente

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