At the end of December, Emmanuel Macron spoke out in favor of ‘a green interest rate and a brown interest rate’ in an op-ed published in the newspaper Le Monde. This position had already been mentioned at COP28 when the French head of state urged private finance to support climate action. But while a few levers exist to create separate green and brown interest rates, only one would enable this result to be achieved promptly and without massive mobilization of public finances: the creation of dual rates by the European Central Bank.
