{"id":3271,"date":"2020-05-17T23:10:12","date_gmt":"2020-05-17T21:10:12","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=3271"},"modified":"2023-03-03T16:25:06","modified_gmt":"2023-03-03T15:25:06","slug":"quantitative-easing-climate-the-ecbs-dirty-secret","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2020\/05\/17\/quantitative-easing-climate-the-ecbs-dirty-secret\/","title":{"rendered":"Quantitative easing &#038; climate: The ECB&rsquo;s dirty secret"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 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\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-blend:overlay;--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p><b>In May 2020, Reclaim Finance publishes a report revealing that the European Central Bank\u2019s corporate asset purchases significantly finances all fossil fuels. based on its s<span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\">tudy of the ECB\u2019s list of corporate holdings (CSPP and PEPP), Reclaim Finance shows that quantitative easing strongly benefits to firms from the most polluting sectors (fossil fuels, air and automobile sectors\u2026). <\/span><\/b><\/p>\n<p><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\">Titled \u00ab\u00a0Quantitative easing &amp; climats: The ECB&rsquo;s dirty secret\u00a0\u00bb, the report shows that the principle of market neutrality leads the ECB to support companies, which because of their massive activities in the fossil fuel sector, are a stumbling block for the EU to achieve its own climate targets. <\/span><\/p>\n<p><b>Reclaim Finance calls on Christine Lagarde and the <\/b><span style=\"font-weight: bold; color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\">Eurosystem governors to put an end to asset purchases of fossil fuel companies.<\/span><\/p>\n<h3>The main points of the report<\/h3>\n<ul>\n<li>For several years, and even more today in the context of the Covid-19 crisis, the ECB massively uses quantitative easing to fulfill its missions. With the Eurosystem banks, it held 2783 billion euros in assets at the end of March 2020 and planned on buying 1100 billion in a single year.<\/li>\n<li>63% of the ECB\u2019s corporate asset purchases go to high-carbon emitters, and <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">the asset purchases decided in response to the Covid-19 pandemic alone could finance high-carbon emitters to up to 132 billion, therefore crushing hopes for a \u201cgreen recovery\u201d.<\/span><\/li>\n<li>The ECB bought assets from 38 foss<span style=\"color: #e5e3e3;\">il fuel corpo<\/span>rations. Of these corporations, 10 are active in the coal sector for a total installed power capacity of 66 000 MW, more than all of the French nuclear reactors.<\/li>\n<li>Major oil and gas companies, including Shell and Total, that plan on increasing their productions respectively by 38% and 12% from 2018 to 2030, are on the list of assets bought by the ECB.<span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"> Shell\u2019s case is especially problematic. It is one of the 4 enterprises of the ECB\u2019s portfolio active in shale oil and gas and could multiply its production in the area by 12.<\/span><\/span><\/li>\n<\/ul>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 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\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-border-color:#ffffff;--awb-border-style:solid;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-2 fusion-animated\" data-animationType=\"fadeInLeft\" data-animationDuration=\"0.3\" data-animationOffset=\"top-into-view\"><p style=\"text-align: center;\"><i style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"><i style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); letter-spacing: var(--body_typography-letter-spacing);\"><span style=\"color: #8ac56b;\"><i style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"><i style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); letter-spacing: var(--body_typography-letter-spacing);\"><u><\/u><\/i><\/i><u><b><span style=\"color: #e5e3e3;\"><span style=\"font-size: 17px;\" data-fusion-font=\"true\"><img decoding=\"async\" class=\"aligncenter size-medium wp-image-3334\" src=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2020\/05\/quantitative-easing-climate-ECB-european-central-bank-QE-212x300.png\" alt=\"\" width=\"212\" height=\"300\" srcset=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2020\/05\/quantitative-easing-climate-ECB-european-central-bank-QE-200x283.png 200w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2020\/05\/quantitative-easing-climate-ECB-european-central-bank-QE-212x300.png 212w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2020\/05\/quantitative-easing-climate-ECB-european-central-bank-QE.png 395w\" sizes=\"(max-width: 212px) 100vw, 212px\" \/><\/span><\/span><\/b><\/u><\/span><\/i><\/i><\/p>\n<p style=\"text-align: center;\"><i style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"><i style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); letter-spacing: var(--body_typography-letter-spacing);\"><span style=\"color: #8ac56b;\"><u><span style=\"color: #e5e3e3;\"><span style=\"font-size: 17px;\" data-fusion-font=\"true\"><a href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2020\/05\/Report-Quantitative-easing-the-ECBs-dirty-secret-RF.pdf\">Download the report <\/a><\/span><\/span><span style=\"color: #e5e3e3;\"><span style=\"font-size: 17px;\" data-fusion-font=\"true\"><br \/>\n<\/span><\/span><\/u><\/span><\/i><\/i><i style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); letter-spacing: var(--body_typography-letter-spacing);\"><span style=\"color: #8ac56b;\"><u><span style=\"color: #e5e3e3;\"><span style=\"font-size: 17px;\" data-fusion-font=\"true\"><a href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2020\/05\/Report-Quantitative-easing-the-ECBs-dirty-secret-RF.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Quantitative &amp; climate: The ECB&rsquo;s dirty secret<\/a><\/span><\/span><\/u><\/span><\/i><i><\/i><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 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\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-3\"><p style=\"text-align: left;\"><i><span style=\"text-align: justify; color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing); font-style: var(--body_typography-font-style,normal);\">Methodology: <\/span><span style=\"text-align: justify; color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing); font-style: var(--body_typography-font-style,normal);\">Data originates from the ECB and concerns assets held by the central bank under the Corporate Sector Purchase Program (CSPP) and the Pandemic Emergency <\/span><span style=\"text-align: justify; color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing); font-style: var(--body_typography-font-style,normal);\">Purchase Program (PEPP) on April 17, 2020. They were compared to information from the <a href=\"https:\/\/coalexit.org\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>Global Coal Exit List<\/u><\/a>, the <\/span><a style=\"text-align: justify; font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing); font-style: var(--body_typography-font-style,normal);\" href=\"https:\/\/endcoal.org\/global-coal-plant-tracker\/\"><u><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">Global Coal <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">Plant Tracker <\/span><\/u><\/a><span style=\"text-align: justify; color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing); font-style: var(--body_typography-font-style,normal);\">and Rystad Energy \u2013 provided by the NGO Oil Change International <\/span><span style=\"text-align: justify; color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing); font-style: var(--body_typography-font-style,normal);\">\u2013 and supplemented with additional research on energy companies.<\/span><br \/>\n<\/i><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-4 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\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--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;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-4\"><p><strong>Read more:<\/strong><\/p>\n<ul>\n<li>Reclaim Finance&rsquo;s press release <a title=\"\" href=\"https:\/\/reclaimfinance.org\/site\/en\/2020\/05\/18\/quantitative-easing-and-climate-the-ecbs-dirty-secret\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>Quantitative Easing and Climate: The ECB&rsquo;s dirty secret<\/u><\/a><\/li>\n<\/ul>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-5 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\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-sharing-box fusion-sharing-box-1 boxed-icons has-taglines layout-floated layout-medium-floated layout-small-floated\" style=\"background-color:#333647;--awb-layout:row;--awb-alignment-small:space-between;\" data-title=\"Quantitative easing &amp; climate: The ECB&#039;s dirty secret\" data-description=\"In May 2020, Reclaim Finance publishes a report revealing that the European Central Bank\u2019s corporate asset purchases significantly finances all fossil fuels. based on its study of the ECB\u2019s list of corporate holdings (CSPP and PEPP), Reclaim Finance shows that quantitative easing strongly benefits to\" data-link=\"https:\/\/reclaimfinance.org\/site\/en\/2020\/05\/17\/quantitative-easing-climate-the-ecbs-dirty-secret\/\"><div class=\"fusion-social-networks sharingbox-shortcode-icon-wrapper sharingbox-shortcode-icon-wrapper-1 boxed-icons\"><span><a href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Freclaimfinance.org%2Fsite%2Fen%2F2020%2F05%2F17%2Fquantitative-easing-climate-the-ecbs-dirty-secret%2F&amp;t=Quantitative%20easing%20%26amp%3B%20climate%3A%20The%20ECB%27s%20dirty%20secret\" target=\"_blank\" rel=\"noreferrer\" title=\"Facebook\" aria-label=\"Facebook\" data-placement=\"top\" data-toggle=\"tooltip\" data-title=\"Facebook\"><i class=\"fusion-social-network-icon fusion-tooltip fusion-facebook awb-icon-facebook\" style=\"color:#ffffff;background-color:#8ac56b;border-color:#8ac56b;border-radius:50%;\" aria-hidden=\"true\"><\/i><\/a><\/span><span><a href=\"https:\/\/twitter.com\/share?text=Quantitative%20easing%20%26%20climate%3A%20The%20ECB%27s%20dirty%20secret&amp;url=https%3A%2F%2Freclaimfinance.org%2Fsite%2Fen%2F2020%2F05%2F17%2Fquantitative-easing-climate-the-ecbs-dirty-secret%2F\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"X\" aria-label=\"X\" data-placement=\"top\" data-toggle=\"tooltip\" data-title=\"X\"><i class=\"fusion-social-network-icon fusion-tooltip fusion-twitter awb-icon-twitter\" style=\"color:#ffffff;background-color:#8ac56b;border-color:#8ac56b;border-radius:50%;\" aria-hidden=\"true\"><\/i><\/a><\/span><span><a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&amp;url=https%3A%2F%2Freclaimfinance.org%2Fsite%2Fen%2F2020%2F05%2F17%2Fquantitative-easing-climate-the-ecbs-dirty-secret%2F&amp;title=Quantitative%20easing%20%26amp%3B%20climate%3A%20The%20ECB%27s%20dirty%20secret&amp;summary=In%20May%202020%2C%20Reclaim%20Finance%20publishes%20a%20report%20revealing%20that%20the%20European%20Central%20Bank%E2%80%99s%20corporate%20asset%20purchases%20significantly%20finances%20all%20fossil%20fuels.%20based%20on%20its%20study%20of%20the%20ECB%E2%80%99s%20list%20of%20corporate%20holdings%20%28CSPP%20and%20PEPP%29%2C%20Reclaim%20Finance%20shows%20that%20quantitative%20easing%20strongly%20benefits%20to\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"LinkedIn\" aria-label=\"LinkedIn\" data-placement=\"top\" data-toggle=\"tooltip\" data-title=\"LinkedIn\"><i class=\"fusion-social-network-icon fusion-tooltip fusion-linkedin awb-icon-linkedin\" style=\"color:#ffffff;background-color:#8ac56b;border-color:#8ac56b;border-radius:50%;\" aria-hidden=\"true\"><\/i><\/a><\/span><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":3333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[224,228],"tags":[310,201],"acteurs_financiers":[2444],"thematique":[2504],"webinar_type":[],"programme":[],"class_list":["post-3271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-report","category-secondary-en","tag-european-central-bank-ecb","tag-quantitative-easing","acteurs_financiers-regulators","thematique-finance-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Quantitative easing &amp; 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