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Klimaændringer og ECB

I ECB undersøger vi, hvordan vi kan være effektive i bekæmpelsen af klimaændringer. ECB arbejder på at identificere de risici, som klimaændringer kan udgøre for økonomien og det finansielle system. Klimaændringer kan påvirke økonomien gennem ekstreme vejrforhold og den uvished, der er forbundet med overgangen til en lavemissionsøkonomi.


"Via vores gennemgang af den pengepolitiske strategi vil vi finde frem til, hvor og hvordan spørgsmålet om klimaændringer og bekæmpelsen af klimaændringer faktisk kan have en indvirkning på vores politik."

Christine Lagarde, formand for ECB


ECB's opgaver falder inden for fire primære kompetenceområder

Den økonomiske analyse

ECB's medarbejdere sikrer, at der er taget højde for klimaændringer i ECB's makroøkonomiske modeller, metoder til udarbejdelse af prognoser og risikovurderinger.

Banktilsyn

De tilsynsførende øger i deres kontakt til bankerne bevidstheden om de risici, der opstår som følge af klimaændringer. Målet er at sikre, at bankerne kan styre disse risici på den rigtige måde.

Pengepolitik og investeringsporteføljer

Under ECB's opkøbsprogram har vi investeret i grønne obligationer, idet vi har taget hensyn til behovet for at undgå markedsforvridninger.

Finansiel Stabilitet

Eksperter i finansiel stabilitet måler og vurderer de risici, som klimaændringer udgør for det finansielle system. De kommunikerer deres resultater til offentligheden, til markedsdeltagerne og til de politiske beslutningstagere.


Eurosystemets svar på Europa-Kommissionens nye strategi for bæredygtig finansiering

ECB og de nationale centralbanker i de lande, der har indført euroen, står klar til at støtte Europa-Kommissionens arbejde med at udvikle en strategi for bæredygtig finansiering og forbedre den ikke-finansielle rapportering. Vi har udpeget fem vigtige prioriteter i vores svar på Kommissionens offentlige høring.

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Andre initiativer

Green ECB

Vi arbejder hele tiden på at reducere ECB's økologiske fodaftryk. Vores resultater hidtil findes på siden om Miljøbeskyttelse.

Earth Hour

ECB har deltaget i denne begivenhed siden 2012. Når vi slukker lyset i vores hovedbygning, ønsker vi at øge bevidstheden om klimaændringerne.

The Network for Greening the Financial System (NGFS)

ECB er medlem af NGFS, en gruppe af centralbanker og banktilsynsmyndigheder fra fem verdensdele, som søger efter måder, hvorpå de kan understøtte en smidig overgang til en lavemissionsøkonomi.

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Podcast

ECB-podcasten: Klimaændringerne og centralbankernes rolle

Hvordan påvirker klimaændringerne den finansielle stabilitet? Hvorfor køber ECB ikke flere grønne obligationer? Hvordan kan bankerne bedre forberede sig på klimarelaterede risici? Vores vært Michael Steen diskuterer disse spørgsmål med eksperterne Fatima Pires, Madelaine Roos og Patrick Amis.

Læs mere (findes kun på engelsk).


Taler og interviews

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

Forskning

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

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
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.


Andet

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