{"id":13838,"date":"2021-07-08T18:16:12","date_gmt":"2021-07-08T16:16:12","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=13838"},"modified":"2023-02-08T16:18:28","modified_gmt":"2023-02-08T15:18:28","slug":"the-ecb-takes-a-raincheck-on-urgent-climate-action","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/07\/08\/the-ecb-takes-a-raincheck-on-urgent-climate-action\/","title":{"rendered":"The ECB takes a raincheck on urgent climate action"},"content":{"rendered":"

July 8<\/span><\/span>th,<\/span><\/span>\u00a02021<\/span>\u00a0\u2013\u00a0<\/span>T<\/span>oday,\u00a0<\/span>E<\/span>uropean\u00a0<\/span>C<\/span>entral\u00a0<\/span>B<\/span>ank (ECB<\/span>)<\/span>\u00a0policymakers<\/span>\u00a0released\u00a0<\/span>their\u00a0<\/span>first strategy<\/span>\u00a0<\/span>in almost two decades<\/span>\u00a0(1)<\/span>.<\/span>\u00a0<\/span>Unfortunately, the ECB\u2019s strategy\u00a0<\/span>focus<\/span>es<\/span>\u00a0<\/span>merely\u00a0<\/span>on<\/span>\u00a0climate risk integration<\/span>,<\/span>\u00a0<\/span>disregard<\/span>ing<\/span>\u00a0<\/span>calls to align with EU climate objectives<\/span>\u00a0and aligning\u00a0with<\/span>\u00a0<\/span>private financial institutions<\/span>\u00a0<\/span>instead<\/span>.\u00a0<\/span>Although t<\/span>he ECB<\/span>\u00a0did not give in to its most conservative members\u2019 plea for inaction<\/span>,\u00a0<\/span>the compromise<\/span>\u00a0<\/span>is\u00a0<\/span>too\u00a0<\/span>weak<\/span>,\u00a0<\/span>too\u00a0<\/span>vague,<\/span>\u00a0and\u00a0<\/span>in<\/span>complete to\u00a0<\/span>put an end to ECB\u2019s support\u00a0<\/span>to polluters and will take years to yield any result.<\/span><\/span><\/b><\/p>\n<\/div><\/div><\/div>

The outcome of the review was not expected before September 2021 but ECB council members conducted several meetings in recent weeks to reach a consensus (2). Despite its claimed intention and attempt to \u201clisten\u201d to and consult European citizens (3), the ECB failed to hear the call of the 170\u202f000 Europeans urging the bank to stop supporting polluters (4). <\/span><\/p>\n

Conservative council members, such Bundesbank Governor Jens Weidmann (5), promoted low ambition measures centered on disclosure and ratings and opposed the review of the \u201cmarket neutrality\u201d principle. These measures \u2013 as well as consensual work on modelling and data for risk analysis – make up a large part of the ECB\u2019s climate strategy. <\/span><\/p>\n

In fact, climate integration proposals focus on climate-related risks and sideline the need to align with EU climate goals. Only two measures do not strictly concern building data and knowledge or integrating climate-risks: the adjustment of corporate bond purchases and the use of disclosure requirements in asset purchases and the collateral framework <\/span>(<\/span><\/i>a summary and analysis of ECB proposals is available in the table at the end of this press release<\/span>)<\/span><\/i>.<\/span><\/p>\n<\/div>

Paul Schreiber, campaigner at Reclaim Finance, analyses:<\/span><\/p>\n

\n

\u201cWhile the ECB overcame the hawkish opposition to climate integration in the Covid-19 context (6), the bank continues to turn a blind eye to its mandate that requires it to contribute to EU objectives. In doing so, the ECB is also scorning the calls of tens of thousands of Europeans that want the central bank to work in favor of the climate instead of the polluters. By centering its its climate strategy solely on the integration of climate risks, the ECB is doing the private financial players a favor. The only way to effectively reduce ECB\u2019s support to polluting activities is to decarbonize its operations. But even there the ECB falls short: its proposal does not apply to its collateral framework, it is too vague to ensure the end of support to big polluters and will not be implemented before 2023. Likewise, the ECB makes no propositions to help the EU achieve its climate goals (7).\u201d<\/span><\/i><\/p>\n<\/blockquote>\n

He adds:<\/span><\/span><\/p>\n

\n

\u201c<\/span>By <\/span>deferring the review <\/span>of its<\/span> market neutrality doctrine<\/span> (<\/span>8<\/span>)<\/span>, the ECB <\/span>makes a<\/span>n unexpected<\/span> U-turn<\/span>, thus <\/span>contradicting its<\/span> own board members and disregard<\/span>ing<\/span> the work of researchers and NGOs.<\/span>Everybody thought the debate was over: m<\/span>arket neutrality causes a dangerous carbon bias <\/span>and must be <\/span>immediately <\/span>reviewed.\u201d<\/span><\/span><\/p>\n<\/blockquote>\n

The ECB climate change center (9) will coordinate the gradual implementation of the climate measures from 2021 to 2024 but no measures will be in place before mid-2022 (10). The ECB has announced periodic assessments of its strategy, the first one being scheduled 2025 (11).<\/span><\/p>\n

The bank also stresses that implementation will depend on and align with EU policies and initiatives on sustainability disclosure, reporting and the EU sustainable taxonomy.<\/span><\/p>\n

Paul Schreiber, campaigner at Reclaim Finance, stresses:<\/span><\/p>\n

\n

\u201cOne thing is very clear with this new strategy: the ECB postpones climate integration and will continue to support polluters until 2023 at the very least. Several climate measures could easily be further postponed as they rely on progress at the EU or company level.\u201d<\/span><\/i><\/p>\n<\/blockquote>\n

He continues:<\/span><\/p>\n

\n

\u201cGiven the weakness of the recently announced sustainable finance strategy (12) and the EU green finance taxonomy opening the door to harmful activities such as fossil gas (13), it is especially worrying to see that the ECB wants to base its climate ambitions on these very low common denominators.\u201d<\/span><\/i><\/p>\n<\/blockquote>\n<\/div><\/div><\/div><\/div><\/div>

Press contact<\/span><\/b><\/span><\/p>\n

Paul Schreiber, campaigner, <\/span><\/span>paul@reclaimfinance.org<\/span><\/span><\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div>

Annex \u2013 Analysis of the ECB\u2019s climate strategy<\/span><\/span>\u00a0<\/span><\/span><\/strong><\/span><\/p>\n<\/div>\n

\n\n\n\n\n\n\n\n\n\n\n
Area<\/th>\nMeasure<\/th>\nReclaim Finance’s analysis<\/th>\n<\/tr>\n<\/thead>\n
General statement<\/span><\/span> <\/span><\/td>\nCommitting to \u201cmore systematically reflect environmental sustainability considerations in its monetary policy\u201d.<\/span><\/span> <\/span><\/td>\nThis statement is welcome but, as ECB<\/span>\u2019s<\/span> monetary policy currently do<\/span>es<\/span> not reflect \u201csustainability considerations\u201d, <\/span>it does not give clarity on<\/span> the<\/span> bank\u2019s<\/span> <\/span>actual <\/span>level of commitment<\/span>.<\/span><\/span> <\/span><\/td>\n<\/tr>\n
Knowledge and data<\/span><\/span> <\/span><\/td>\nAccelerate the development of macroeconomic models and conduct analyses to monitor the implications of climate change on the economy.<\/span> <\/span><\/p>\n

Develop indicators covering green financial instruments, the carbon footprint of financial institutions and their exposures to climate-related risks. <\/span> <\/span><\/p>\n<\/td>\n

The ECB\u2019s proposals to bridge knowledge gaps and build data and indicators are consensual and \u2013 although useful – do not reduce ECB\u2019s support to polluting activities, nor help align its operations with EU objectives.<\/span> <\/span><\/p>\n

This work could take several years. According to the the <\/span>ECB\u2019s roadmap<\/a>, it will not be finalized before 2023-2024.<\/span> <\/span><\/p>\n

The ECB seems to focus on \u201cgreen\u201d financial instruments but does not mention polluting or harmful ones. <\/span> <\/span><\/p>\n<\/td>\n<\/tr>\n

Risk management<\/span><\/span> <\/span><\/td>\nConducting climate stress tests of the Eurosystem balance sheet in 2022.<\/span> <\/span><\/p>\n

 <\/span><\/p>\n

Assess whether credit rating agencies accepted by the Eurosystem Credit Assessment Framework have disclosed sufficient information on how they incorporate climate change risks and consider developing minimum standards for the incorporation of these risks into the ECB\u2019s own ratings.<\/span> <\/span><\/p>\n

Consider climate risks when reviewing conditions under which assets are accepted as collateral by the Eurosystem.<\/span> <\/span><\/p>\n

Conduct enhanced due diligence to incorporate climate risks to the corporate sector asset purchase programme (CSPP).<\/span> <\/span><\/p>\n<\/td>\n

In general, risk-related measures are not sufficient to limit ECB\u2019s <\/span>support to polluters<\/span><\/a> or align with EU objectives. They must be paired with strong climate-related measures. <\/span>This is especially problematic for the collateral framework, as the ECB do not propose any complementary measures to decarbonize it beyond risk integration.<\/span><\/b> <\/span><\/p>\n

Risk metrics are still under development today and \u2013 as stressed by the <\/span><\/span>NGFS<\/a><\/span> and <\/span>Frank Elderson<\/a><\/span> himself \u2013 central banks can already act based on the information available. Furthermore, climate risks is characterized by a <\/span>radical uncertainty<\/a><\/span> <\/span>that makes them especially difficult \u2013 if not impossible \u2013 to precisely assess. <\/span>The ECB should adopt a <\/span><\/b>precautionary approach<\/b><\/a><\/span> <\/span>to climate risks and consider the <\/span><\/b>high-risk level tied to fossil fuel assets<\/b><\/a>.<\/span> <\/span><\/p>\n

 <\/span>The incorporation of climate risks to the ECB\u2019s own ratings remains uncertain and should be confirmed.<\/span> <\/span><\/p>\n<\/td>\n<\/tr>\n

Climate change mitigation<\/span><\/span> <\/span><\/td>\nAdjust allocation of corporate bond purchases to incorporate climate change criteria, notably \u201cthe alignment of issuers with EU legislation implementing the Paris agreement\u201d or \u201ccommitments of the issuers to such goals\u201d. <\/span> <\/span><\/p>\n

 <\/span>Introduce disclosure requirements for private-sector assets as \u201ca new eligibility criterion or as a basis for a differentiated treatment\u201d for collateral and asset purchases, with a detailed plan to be announced in 2022.<\/span> <\/span><\/p>\n<\/td>\n

ECB\u2019s proposal to adjust corporate sector purchases is flawed:<\/span><\/b> <\/span><\/p>\n
Market neutrality doctrine<\/span><\/span> <\/span><\/td>\nAssess potential<\/span> <\/span>biases in the market<\/span> <\/span>allocation<\/span> and make <\/span>concrete<\/span> <\/span>proposals for<\/span> <\/span>alternative<\/span> <\/span>benchmarks, <\/span>in<\/span> <\/span>particular for<\/span> the<\/span> corporate sector asset purchase <\/span>program<\/span> (CSPP).<\/span><\/span> <\/span><\/td>\nThe fact that the ECB plans to do further work to assess potential biases and inefficiencies caused by its current market neutrality principle is surprising. Indeed, <\/span>the fact that the current market neutrality doctrine causes a bias in favor of high carbon assets has been demonstrated by <\/span><\/b>researchers, NGOs<\/b><\/a>,<\/span> <\/span>and the ECB itself, and even acknowledged by <\/span><\/b>Isabel Schnabel<\/b><\/a><\/span>. Furthermore, <\/span>Frank Elderson<\/a><\/span> <\/span>and <\/span>Isabel Schnabel<\/a><\/span> <\/span>clearly stressed that market neutrality was not enshrined in EU treaties and could be reviewed.<\/span> <\/span><\/p>\n

 <\/span>We recommend the ECB <\/span><\/b>reviews its market neutrality doctrine<\/b><\/a><\/span> to fully align its operations with EU climate objectives, thus contributing to the EU transition while reducing overall climate-related risks.<\/span> <\/span><\/p>\n<\/td>\n<\/tr>\n

Transparency<\/span><\/span> <\/span><\/td>\nStart disclosing climate-related information of the corporate sector purchase <\/span>program<\/span> (CSPP) by the first quarter of 2023.<\/span><\/span> <\/span><\/td>\nThe ECB previously <\/span><\/span>refused several information requests<\/span><\/span><\/a><\/span> <\/span>regarding the climate impact of its operations. <\/span>While this new disclosure is welcome, ECB operations will remain opaque, and the bank could publish climate-related information on several other areas. <\/span><\/span> <\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div>

Notes :
\n<\/u><\/b><\/p>\n

    \n
  1. The ECB\u2019s last strategy review <\/span>dates to<\/span> 2003.<\/span> The new strategy puts an end to <\/span><\/span>a process \u2013 the \u201c<\/span><\/span>strategy review<\/span><\/span><\/a><\/span>\u201d – that started in January 2020 and was delayed with the Covid-19 pandemic.<\/span> <\/span>Apart from redefining its <\/span><\/span>overall monetary policy approach<\/a><\/u><\/span><\/span>, <\/span>t<\/span>he ECB released <\/span><\/span><\/span><\/span>dedicated <\/span>content<\/span><\/a><\/span><\/span><\/u><\/span> regarding its climate <\/span>strategy.<\/span><\/span><\/li>\n
  2. See the <\/span>Financial Times\u2019 coverage<\/span><\/a> of the ECB\u2019s retreat on June 18<\/span>th,<\/span> 2021.<\/span><\/li>\n
  3. The ECB set up an online <\/span>consultation process<\/a><\/span> from February to October 2020 and \u2013 with Eurosystem central banks \u2013 organized <\/span>several events<\/a><\/span>.<\/span> Events mainly allowed financial practitioners and key stakeholders to share their points of view and discuss with central bank staff. The result of the \u201cECB listens\u201d online consultation is summarized in a <\/span>specific report<\/a><\/span>.<\/span> It gathered 3\u202f690 responses \u2013 with <\/span>15%<\/a><\/span> of the responses received came from people following explanations and using a template provided by Greenpeace, Reclaim Finance, 350.org, SumOfUs, Urgewald, and LINGO. In parallel, an <\/span>NGO-led survey<\/a><\/span> gathered more than 24 000 responses. 81% of respondents to this survey said that climate, environmental and social issues should be the highest priority of the central bank. Almost 100% of respondents want the ECB to pay more attention to these topics.<\/span><\/li>\n
  4. Several petitions were launched to push central banks to act on climate, and notably to immediately end all direct and indirect support to highly polluting companies such as fossil fuel companies. The <\/span>ECB petition<\/a><\/span> gathered more than 170\u202f000 signatures, the <\/span>Bank of France<\/a><\/span> petition 55\u202f000, and the <\/span>Bundesbank petition<\/a><\/span> 27\u202f700. Several protests were also organized in Frankfurt, targeting the ECB or the Bundesbank.<\/span><\/li>\n
  5. Reclaim Finance analyzes the flaws of the propositions championed by President Weidmann in a <\/span>blog post<\/a><\/span>. These measures would not consider EU climate objectives nor be appropriate to manage climate-related risks. <\/span><\/li>\n
  6. Climate change integration was one of the initial topics of the strategy review. It was mentioned <\/span>several times<\/a><\/span> by Christine Lagarde at the beginning of the review and is clearly mentioned as one of the reasons for the need for a strategy review in ECB documents. However, it faced strong opposition from several ECB governing council members. Its most vocal opponents were the President of the Bundesbank \u2013 Jens Weidmann – and the governor of the National Bank of Belgium \u2013 Pierre Wunsch. Jens Weidmann\u2019s position significantly <\/span>evolved over time<\/a><\/span>,<\/span> he <\/span>accepted the idea<\/a><\/span> of decarbonization of asset purchases in June 2021.<\/span><\/li>\n
  7. Positive Money Europe notably promoted the use of <\/span>refinancing operations<\/a><\/span> to support building renovation in Europe. A <\/span>similar tool<\/a><\/span> will soon be implemented by the central bank of Hungary.<\/span><\/li>\n
  8. See Positive Money\u2019s <\/span>briefing<\/a><\/span> for a detailed examination of the market neutrality principle. A criticism of market neutrality is also made in the <\/span>NGO letter<\/a><\/span> to the Bundesbank.<\/span><\/li>\n
  9. See the ECB\u2019s <\/span>press release<\/a><\/span> on its new climate center created in January 2021. <\/span><\/li>\n
  10. The ECB published <\/span>a roadmap<\/a><\/span> giving a calendar for the implementation of climate-related measures.<\/span><\/li>\n
  11. See the ECB\u2019s <\/span>policy strategy statement<\/a>. <\/span><\/li>\n
  12. See Reclaim Finance\u2019s <\/span>analysis<\/a><\/span> of the EU sustainable finance strategy. <\/span><\/li>\n
  13. See Reclaim Finance\u2019s <\/span>blog post<\/a><\/span> on the EU sustainable taxonomy.<\/span><\/li>\n<\/ol>\n<\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":13839,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[226],"tags":[310,312],"acteurs_financiers":[2444],"thematique":[],"webinar_type":[],"programme":[],"class_list":["post-13838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-european-central-bank-ecb","tag-monetary-policy","acteurs_financiers-regulators"],"yoast_head":"\nThe ECB takes a raincheck on urgent climate action - Reclaim Finance<\/title>\n<meta name=\"description\" content=\"ECB\u2019s new strategy\u00a0focuses\u00a0on\u00a0climate risk integration,\u00a0disregarding\u00a0calls to align with EU climate objectives.\" \/>\n<meta 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