{"id":16231,"date":"2021-10-28T08:00:36","date_gmt":"2021-10-28T06:00:36","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=16231"},"modified":"2023-02-08T16:04:40","modified_gmt":"2023-02-08T15:04:40","slug":"spreading-the-fossil-fuel-pandemic-how-the-ecbs-covid-asset-purchases-are-supporting-oil-and-gas-expansion","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/10\/28\/spreading-the-fossil-fuel-pandemic-how-the-ecbs-covid-asset-purchases-are-supporting-oil-and-gas-expansion\/","title":{"rendered":"Spreading the fossil fuel pandemic: ECB&rsquo;s Covid asset purchases are supporting oil and gas expansion"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><p align=\"justify\"><b style=\"color: #8ac56b;\"><span class=\"TextRun SCXW37363936 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW37363936 BCX0\" style=\"color: #8ac56b;\">A <\/span><a href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/10\/Report-Spreading-the-Fossil-Fuel-Pandemic-ECB-QE.pdf\"><span class=\"NormalTextRun SCXW37363936 BCX0\"><u><span style=\"color: #8ac56b;\">new <\/span><\/u><\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\"><u><span style=\"color: #8ac56b;\">research<\/span><\/u><\/span><\/a><span class=\"NormalTextRun SCXW37363936 BCX0\" style=\"color: #8ac56b;\"> by Reclaim Finance <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">reveals<\/span> <span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">that<\/span> <span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">ECB\u2019s<\/span> <span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">exceptional<\/span> <span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">purchases<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\" style=\"color: #8ac56b;\"> of <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">corporate<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\" style=\"color: #8ac56b;\"> bonds <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">amid<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\" style=\"color: #8ac56b;\"> the Covid-<\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">crisis<\/span> <span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">benefited<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\" style=\"color: #8ac56b;\"> to <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">European<\/span> <span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">oil<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\" style=\"color: #8ac56b;\"> and <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">gas<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\" style=\"color: #8ac56b;\"> majors, in spite of the <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">fact<\/span> <span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">that<\/span> <span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">these<\/span> <span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">companies<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\" style=\"color: #8ac56b;\"> are planning a massive <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">increase<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\" style=\"color: #8ac56b;\"> in <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\" style=\"color: #8ac56b;\">fossil<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\" style=\"color: #8ac56b;\"> fuel production at <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\"><span style=\"color: #8ac56b;\">od<\/span>ds<\/span> <span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\">with<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\"> EU <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\">climate<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\"> goals and the Paris Agreement. <\/span><span class=\"NormalTextRun SCXW37363936 BCX0\">This support <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\">contradicts<\/span> <span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\">ECB\u2019s<\/span> <span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\">climate<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\"> promises and <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\">shows<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\"> the <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\">limits<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\"> of <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\">its<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\"> new <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW37363936 BCX0\">climate<\/span><span class=\"NormalTextRun SCXW37363936 BCX0\"> roadmap<\/span><\/span>.<\/b><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-2\"><p style=\"text-align: justify;\"><span data-contrast=\"auto\">Titled \u201c<u><a href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/10\/Report-Spreading-the-Fossil-Fuel-Pandemic-ECB-QE.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Spreading the fossil fuel pandemic: How the ECB\u2019s Covid corporate asset purchases are supporting oil and gas expansion<\/a><\/u>\u201d, the briefing analyzes the evolution of ECB corporate asset purchase holdings from April 2020 to September 2021, a period marked by a massive increase of these purchases in a context of the Covid crisis. It reveals that these purchases notably benefited to five European oil and gas majors \u2013 Shell, TotalEnergies, Repsol, Eni and OMV. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">The main findings are:<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">The ECB bought 15 bonds from Shell, TotalEnergies, Repsol, Eni and OMV from April 2020 to September 2021, increasing the number of bonds of these companies it holds by 16.2% to a 79 bonds. <\/span><\/li>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">The ECB notably acquired four bonds from TotalEnergies (+ 22.2%) and three from Eni (+ 20%). TotalEnergies is the main oil and gas major to have benefited from ECB\u2019s purchases (22 bonds), followed by Eni (18 bonds) and Shell (17 bonds).<\/span><\/li>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">Some of TotalEnergies and Shell\u2019s bonds held by the ECB won\u2019t be repaid before 2040 and 2039 respectively. Similarly, the bank will keep bonds from Repsol, OMV and Eni until at least 2033, 2034 and 2031.<\/span><\/li>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">The ECB\u2019s support to these oil and gas majors \u2013 that plan major fossil fuel expansion projects &#8211; is at odds with EU objectives and the Paris Agreement. It decredibilizes the ECB\u2019s new climate roadmap that was published in July 2021, just as the ECB was purchasing fossil fuel bonds, and that does not ensure the end of the ECB\u2019s support to these companies.<\/span><\/li>\n<\/ul>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-bottom:0px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#59bc6d;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-image-element \" style=\"text-align:center;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none\" style=\"border:1px solid #8ac56b;\"><a class=\"fusion-no-lightbox\" href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/10\/Report-Spreading-the-Fossil-Fuel-Pandemic-ECB-QE.pdf\" target=\"_self\" aria-label=\"Spreading the fossil fuel pandemic cover\"><img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/10\/Spreading-the-fossil-fuel-pandemic-cover-150x150.png\" alt class=\"img-responsive wp-image-16879\" srcset=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/10\/Spreading-the-fossil-fuel-pandemic-cover-66x66.png 66w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/10\/Spreading-the-fossil-fuel-pandemic-cover-150x150.png 150w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a><\/span><\/div><div class=\"fusion-text fusion-text-3\"><p style=\"text-align: center;\"><a href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/10\/Report-Spreading-the-Fossil-Fuel-Pandemic-ECB-QE.pdf\"><b><u><span style=\"color: #59bc6d;\">Read the full report<\/span><\/u><\/b><\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-bottom:0px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#ffffff;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-4\"><p><b><u><span style=\"color: #59bc6d;\">To learn more :<\/span><br \/>\n<\/u><\/b><\/p>\n<ul>\n<li><u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/10\/28\/ecb-fossil-fuel-holdings-jump-amid-covid-purchasing-spree\/\" target=\"_blank\" rel=\"noopener noreferrer\">Read our press release<\/a><\/u>.<\/li>\n<li><u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/10\/28\/infected-by-oil-and-gas-giants-a-short-story-of-ecbs-covid-asset-purchases\/\" target=\"_blank\" rel=\"noopener noreferrer\">Read our article<\/a><\/u>.<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":16877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[224,228],"tags":[617,310,774,447,201],"acteurs_financiers":[2444],"thematique":[2423,2419],"webinar_type":[],"programme":[],"class_list":["post-16231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-report","category-secondary-en","tag-climate","tag-european-central-bank-ecb","tag-european-union","tag-green-recovery","tag-quantitative-easing","acteurs_financiers-regulators","thematique-fossil-fuels","thematique-oil-and-gas-en"],"yoast_head":"<!-- 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