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A green fund for central banks

2021-01-25T21:52:42.081Z


The European Central Bank (ECB) announced on Monday the creation of a "center on climate change" with a dozen experts.


Central banks are taking small steps towards greening their monetary policy.

The European Central Bank (ECB) announced on Monday the creation of a

"center on climate change"

staffed with ten experts, under the authority of the president, Christine Lagarde.

This makes no secret of its desire to tackle this controversial subject, the ECB being regularly accused of contributing to global warming through its investments in fossil fuels and polluting industries because of its sacrosanct "market neutrality ".

According to Christine Lagarde, even if

"central banks are not the main actor in preventing global warming",

this does not prevent that

"we cannot ignore"

the problem and the fact

"that we have a role to play. to fight it ”.

The subject - hot - is at the heart of the strategic review launched last year by Christine Lagarde on the missions of the ECB.

The latter holds around 20% of eligible green bonds.

Read also:

Christine Lagarde in pursuit of phantom inflation

At the same time, the Bank for International Settlements, dubbed the "central bank of central banks", based in Switzerland, is creating a second fund of green bonds, in euros.

Associated with a first dollar fund created in 2019, this will be worth $ 2 billion in the immediate future.

The ECB will invest part of its reserves in equity, but not the trillions of euros devoted to monetary policy.

For the Reclaim Finance association, these announcements would only be a

“diversion”

to

“divert attention from the support granted to fossil fuels”,

while the ECB

“plans to pour 5,000 billion into the markets”

between 2020 and 2022 , including in polluting sectors.

The fact remains that, in the Governing Council of the ECB, Christine Lagarde faces some resistance to "green" the action of the institution.

Source: lefigaro

All news articles on 2021-01-25

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