In uncertain times caused by Brexit chaos or trade conflicts, government bonds are becoming increasingly popular as a secure investment. But for investors who lend money to the federal government in this way, there is so far no environmentally friendly alternative. Finance Minister Olaf Scholz wants to change that - and plans eco-bonds to refinance national debt.
"From next year, we also want to issue bonds that are invested exclusively in sustainable projects that are good for the climate, for example, which are just as interest-bearing as the traditional government bonds, but are eco-friendly," announced the SPD politician. Süddeutsche Zeitung ".
Scholz also has far-reaching plans for himself - and apparently thinks of a chancellor candidate. Several SPD leaders are rated well in polls, "I'm pretty far ahead," he told the newspaper. In the foreground for him, however, is initially the application for the SPD party chairmanship: "One by one". In the duo with the Brandenburg state politician Klara Geywitz, he has in mid-November still face a runoff election.
Dobrindt calls for positive interest rates for green bonds
However, Scholz also added in the interview that he sees himself in a promising position in comparison with top politicians of the CDU or the Greens: "I do not need to shy away from a direct comparison with Ms. Kramp-Karrenbauer or Mr. Habeck."
But the finance minister does not want to distribute election campaign gifts with green government bonds. He had in the negotiations to the climate package of the Federal Government blocked against the idea to issue bonds with a higher interest rate. Because "that would have been a bad deal for taxpayers," he said. "What we make possible are environmental government bonds".
The planned bonds, like all German government bonds, should be subject to market interest rates. "These are normal government bonds with guaranteed sustainable investment." For the time being, this should also mean a sustained loss: interest rates on German government bonds were all negative in the end.
Alexander Dobrindt therefore demanded positive interest rates for green bonds. "Climate protection needs investments of billions, so it is the right approach to enable citizen investments in climate protection," said the CSU country group chief of the news agency dpa. "But it would be correct to encourage citizen investments with guaranteed positive interest rates and reward them."
In the future, the European Central Bank might at some point resort to German eco-bonds in its bond-buying program, which will start again tomorrow. However, Bundesbank President Jens Weidmann had recently spoken out against favoring green bonds. "Our mandate is price stability, and we must follow the principle of market neutrality when implementing our monetary policy," Weidmann said. In the long term, their independence could be called into question.
"I think a determined and effective climate policy is necessary - only with the right instruments and the democratically legitimized actors," said Weidmann. The central banks would accompany the transition to a low-carbon economy. But it is the task of politics to determine the necessary change.