{"id":8168,"date":"2021-01-25T14:28:40","date_gmt":"2021-01-25T13:28:40","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=8168"},"modified":"2023-02-28T18:31:50","modified_gmt":"2023-02-28T17:31:50","slug":"the-ecbs-climate-annoucements-a-diversionary-tactic","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/01\/25\/the-ecbs-climate-annoucements-a-diversionary-tactic\/","title":{"rendered":"The ECB\u2019s climate annoucements: a diversionary tactic?"},"content":{"rendered":"<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-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p style=\"text-align: justify;\"><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">Monday, January 25, 2021 &#8211; The ECB just announced <\/span><\/b><b><\/b><b><\/b><b><\/b><a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2021\/html\/ecb.pr210125_1~3fc4ebb4c6.en.html\"><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"><u>the creation of a \u201cclimate center<\/u><\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"><u>\u201d<\/u><\/span><\/b><\/a><b><\/b><b><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> aim<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">ing<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">to <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">study the integration of climate issues into all of the ECB&rsquo;s operations and the<\/span><\/b><b> <\/b><b><\/b><b><\/b><b><\/b><u><b><\/b><a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2021\/html\/ecb.pr210125~715adb4e2b.en.html\"><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">investment<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> o<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">f part of its own funds <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">in<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">green bonds<\/span><\/b><\/a><b><\/b><\/u><b><\/b><b><\/b><b><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">. Reclaim Finance welcomes the fact that the ECB and its President Christine Lagarde <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">once <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">again recognize<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">d<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> the urgen<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">t need<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> for central banks to tackle climate change. However, we stress<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> again<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> that these announcements <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">do not<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">improve<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> the environmental impact of the bank&rsquo;s operations. Worse<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> still<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">, they risk being used as a<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">n excuse<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> to delay climate action <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">for several <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">years. The climate emergency calls for immediate action to stop the expansion of fossil fuels and Reclaim Finance is calling on central bankers t<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">o decarbonize monetary policy <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">straightaway<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">.<\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">The <\/span><span data-contrast=\"none\">two<\/span> <span data-contrast=\"none\">announcements<\/span><span data-contrast=\"none\"> made<\/span> <span data-contrast=\"none\">this<\/span> <span data-contrast=\"none\">morning<\/span><span data-contrast=\"none\"> are <\/span><span data-contrast=\"none\">accompanied<\/span><span data-contrast=\"none\"> by <\/span><span data-contrast=\"none\"><u><a href=\"https:\/\/www.ecb.europa.eu\/press\/key\/date\/2021\/html\/ecb.sp210125~f87e826ca5.en.html\" target=\"_blank\" rel=\"noopener noreferrer\">a new speech<\/a><\/u><\/span> <span data-contrast=\"none\">by<\/span> <span data-contrast=\"none\">President<\/span><span data-contrast=\"none\"> Christine Lagarde<\/span><span data-contrast=\"none\">, <\/span><span data-contrast=\"none\">in <\/span><span data-contrast=\"none\">which<\/span> <span data-contrast=\"none\">she<\/span> <span data-contrast=\"none\">recognizes<\/span><span data-contrast=\"none\"> the importance of <\/span><span data-contrast=\"none\">integrating<\/span><span data-contrast=\"none\"> a <\/span><span data-contrast=\"none\">climate<\/span> <span data-contrast=\"none\">into<\/span><span data-contrast=\"none\"> all <\/span><span data-contrast=\"none\">of the <\/span><span data-contrast=\"none\">central <\/span><span data-contrast=\"none\">bank<\/span><span data-contrast=\"none\">\u2019s<\/span> <span data-contrast=\"none\">operations<\/span><span data-contrast=\"none\">.<\/span><\/p>\n<blockquote>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">\u00ab\u00a0<\/span><i><span data-contrast=\"none\">Despite looking good on the surface<\/span><\/i><i><span data-contrast=\"none\">, are the ECB&rsquo;s<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">announcements<\/span><\/i><i><span data-contrast=\"none\"> actually <\/span><\/i><i><span data-contrast=\"none\">a diversion<\/span><\/i><i><span data-contrast=\"none\">ary tactic<\/span><\/i><i><span data-contrast=\"none\">? The ECB is once again trying to use the purchase of green bonds to distract from<\/span><\/i><i><span data-contrast=\"none\"> its<\/span><\/i><i><span data-contrast=\"none\"> support for fossil fuels. At the same time, <\/span><\/i><i><span data-contrast=\"none\">whilst having potential<\/span><\/i><i><span data-contrast=\"none\">, the creation of the \u201cclimate center\u201d should not be used as an excuse for postponing the adoption of <\/span><\/i><i><span data-contrast=\"none\">genuine <\/span><\/i><i><span data-contrast=\"none\">climate measures until 2024, as recent comments <\/span><\/i><i><span data-contrast=\"none\">from<\/span><\/i><i><span data-contrast=\"none\"> the Governor of the Banque de France suggest (<\/span><\/i><i><span data-contrast=\"none\">1)<\/span><\/i><span data-contrast=\"none\">\u201d<\/span><span data-contrast=\"none\"> <span style=\"font-style: normal;\">comments <\/span><\/span><span style=\"font-style: normal;\"><span data-contrast=\"none\">Paul Schreiber, Campaigner at Reclaim Finance.<\/span> <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-style: normal;\"><span data-contrast=\"none\">He <\/span><span data-contrast=\"none\">continues<\/span><span data-contrast=\"none\">:<\/span><\/span><span data-contrast=\"none\"> \u201cAs <\/span><i><span data-contrast=\"none\">it<\/span><\/i><i><span data-contrast=\"none\"> plans to pour \u20ac5 <\/span><\/i><i><span data-contrast=\"none\">trillion<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">into<\/span><\/i><i><span data-contrast=\"none\"> the <\/span><\/i><i><span data-contrast=\"none\">markets<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">between<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">2020-2022 (2), the ECB <\/span><\/i><i><span data-contrast=\"none\">cannot<\/span><\/i><i><span data-contrast=\"none\"> continue to ignore <\/span><\/i><i><span data-contrast=\"none\">this<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">physical<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">reality:<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">financing<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">renewable<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">energ<\/span><\/i><i><span data-contrast=\"none\">y<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">only<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">reduce<\/span><\/i><i><span data-contrast=\"none\">s<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">greenhouse<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">gas<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">emissions<\/span><\/i><i><span data-contrast=\"none\"> if<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">it<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">repla<\/span><\/i><i><span data-contrast=\"none\">ces<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">fossil<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">fuels!<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">Immdiately<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">t<\/span><\/i><i><span data-contrast=\"none\">argeting<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">these<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">polluting<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">energ<\/span><\/i><i><span data-contrast=\"none\">y<\/span><\/i><i><span data-contrast=\"none\"> sources<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">is<\/span><\/i><i><span data-contrast=\"none\"> a <\/span><\/i><i><span data-contrast=\"none\">necessary<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">step<\/span><\/i><i><span data-contrast=\"none\"> to <\/span><\/i><i><span data-contrast=\"none\">give<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">credibility<\/span><\/i><i><span data-contrast=\"none\"> to the <\/span><\/i><i><span data-contrast=\"none\">ECB&rsquo;s<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">announcements<\/span><\/i><i><span data-contrast=\"none\">.\u00a0\u00bb<\/span><\/i><\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">The <\/span><span data-contrast=\"none\">ECB&rsquo;s<\/span> <span data-contrast=\"none\">announcement<\/span> <span data-contrast=\"none\">regarding<\/span><span data-contrast=\"none\"> the <\/span><span data-contrast=\"none\">purchase<\/span><span data-contrast=\"none\"> of green bonds <\/span><span data-contrast=\"none\">only<\/span> <span data-contrast=\"none\">concerns<\/span> <span data-contrast=\"none\">its<\/span> <span data-contrast=\"none\">own<\/span> <span data-contrast=\"none\">funds<\/span><span data-contrast=\"none\">, and not <\/span><span data-contrast=\"none\">monetary<\/span> <span data-contrast=\"none\">policy<\/span><span data-contrast=\"none\">, <\/span><span data-contrast=\"none\">which<\/span> <span data-contrast=\"none\">constitutes<\/span><span data-contrast=\"none\"> the bulk of the <\/span><span data-contrast=\"none\">bank&rsquo;s<\/span> <span data-contrast=\"none\">activities<\/span><span data-contrast=\"none\"> and <\/span><span data-contrast=\"none\">whose<\/span><span data-contrast=\"none\"> impacts <\/span><span data-contrast=\"none\">f<\/span><span data-contrast=\"none\">ar<\/span> <span data-contrast=\"none\">exceed<\/span> <span data-contrast=\"none\">th<\/span><span data-contrast=\"none\">e one of the allocation of<\/span> <span data-contrast=\"none\">i<\/span><span data-contrast=\"none\">ts<\/span> <span data-contrast=\"none\">own<\/span> <span data-contrast=\"none\">funds<\/span><span data-contrast=\"none\">. In <\/span><span data-contrast=\"none\">particular<\/span><span data-contrast=\"none\">, the ECB <\/span><span data-contrast=\"none\">plans to <\/span><span data-contrast=\"none\">pour<\/span><span data-contrast=\"none\"> \u20ac5<\/span> <span data-contrast=\"none\">trillion<\/span> <span data-contrast=\"none\">into<\/span><span data-contrast=\"none\"> the <\/span><span data-contrast=\"none\">markets<\/span> <span data-contrast=\"none\">between<\/span><span data-contrast=\"none\"> 2020-2022<\/span><span data-contrast=\"none\"> to respond to Covid-19<\/span><span data-contrast=\"none\">.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">The United Nations&rsquo; Production Gap Report 2020 indicates that it is necessary to reduce the production of fossil fuels by 6% per year from 2020 <\/span><span data-contrast=\"none\">until <\/span><span data-contrast=\"none\">2030 (3). <\/span><span data-contrast=\"none\">T<\/span><span data-contrast=\"none\">herefore, t<\/span><span data-contrast=\"none\">argeting fossil fuels now is a necessary step to give credibility to the ECB&rsquo;s climate announcements, as recognized by the Banque de France, which drastically reduced its investments in fossil fuels<\/span><span data-contrast=\"none\"> last week<\/span><span data-contrast=\"none\"> and <\/span><span data-contrast=\"none\">committed to oppose<\/span> <span data-contrast=\"none\">any new <\/span><span data-contrast=\"none\">fossil fuel <\/span><span data-contrast=\"none\">project (4). However, according to a study by Reclaim Finance, the ECB&rsquo;s asset repurchases alone, which <\/span><span data-contrast=\"none\">are scheduled to reach<\/span> <span data-contrast=\"none\">\u20ac<\/span><span data-contrast=\"none\">1<\/span><span data-contrast=\"none\">.97 t<\/span><span data-contrast=\"none\">r<\/span><span data-contrast=\"none\">illion<\/span><span data-contrast=\"none\"> over 2020-2022, support 38 companies in th<\/span><span data-contrast=\"none\">e<\/span><span data-contrast=\"none\"> sector<\/span><span data-contrast=\"none\">, <\/span><span data-contrast=\"none\">which are planning at least 67 new oil and gas projects (<\/span><span data-contrast=\"none\">5)<\/span><span data-contrast=\"none\">.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">In addition, the <\/span><span data-contrast=\"none\">press<\/span><span data-contrast=\"none\"> release <\/span><span data-contrast=\"none\">from<\/span><span data-contrast=\"none\"> the ECB <\/span><span data-contrast=\"none\">indicates<\/span> <span data-contrast=\"none\">that<\/span><span data-contrast=\"none\"> \u00ab\u00a0the structure <\/span><span data-contrast=\"none\">will<\/span> <span data-contrast=\"none\">be<\/span> <span data-contrast=\"none\">reviewed<\/span> <span data-contrast=\"none\">after<\/span> <span data-contrast=\"none\">three<\/span> <span data-contrast=\"none\">years<\/span><span data-contrast=\"none\">, <\/span><span data-contrast=\"none\">with<\/span><span data-contrast=\"none\"> the <\/span><span data-contrast=\"none\">aim<\/span><span data-contrast=\"none\"> at the end of <\/span><span data-contrast=\"none\">it<\/span><span data-contrast=\"none\"> to <\/span><span data-contrast=\"none\">incorporate<\/span> <span data-contrast=\"none\">climate<\/span><span data-contrast=\"none\"> issues <\/span><span data-contrast=\"none\">into<\/span><span data-contrast=\"none\"> the <\/span><span data-contrast=\"none\">operations<\/span><span data-contrast=\"none\"> of the ECB\u00a0\u00bb<\/span><span data-contrast=\"none\">.<\/span> <span data-contrast=\"none\">T<\/span><span data-contrast=\"none\">he French <\/span><span data-contrast=\"none\">governor<\/span> <span data-contrast=\"none\">recently <\/span><span data-contrast=\"none\">spoke<\/span><span data-contrast=\"none\"> of \u00ab\u00a0<\/span><span data-contrast=\"none\">three<\/span><span data-contrast=\"none\"> to <\/span><span data-contrast=\"none\">five<\/span> <span data-contrast=\"none\">years<\/span><span data-contrast=\"none\"> \u00ab\u00a0<\/span><span data-contrast=\"none\"> to implement climate measures.<\/span> <span data-contrast=\"none\">This<\/span> <span data-contrast=\"none\">suggests<\/span> <span data-contrast=\"none\">an <\/span><span data-contrast=\"none\">extreme<\/span> <span data-contrast=\"none\">sluggishness<\/span><span data-contrast=\"none\"> in the face of the <\/span><span data-contrast=\"none\">climate<\/span><span data-contrast=\"none\"> emergency. <\/span><span data-contrast=\"none\">Achieving<\/span><span data-contrast=\"none\"> the 1.5 \u00b0 C <\/span><span data-contrast=\"none\">target<\/span> <span data-contrast=\"none\">means<\/span> <span data-contrast=\"none\">reducing<\/span> <span data-contrast=\"none\">greenhouse<\/span> <span data-contrast=\"none\">gas<\/span> <span data-contrast=\"none\">emissions<\/span><span data-contrast=\"none\"> by 7.6% per <\/span><span data-contrast=\"none\">year<\/span><span data-contrast=\"none\"> by 2030, <\/span><span data-contrast=\"none\">which<\/span><span data-contrast=\"none\"> can <\/span><span data-contrast=\"none\">only<\/span> <span data-contrast=\"none\">be<\/span> <span data-contrast=\"none\">achieved<\/span> <span data-contrast=\"none\">with<\/span><span data-contrast=\"none\"> a <\/span><span data-contrast=\"none\">halt<\/span><span data-contrast=\"none\"> in the expansion of <\/span><span data-contrast=\"none\">fossil<\/span><span data-contrast=\"none\"> fue<\/span><span data-contrast=\"none\">ls (6).<\/span><\/p>\n<p><u><b>Press contacts:<\/b><\/u><\/p>\n<p>Angus Satow, communication officer at Reclaim Finance | angus@reclaimfinance.org<\/p>\n<p>&nbsp;<\/p>\n<p>Paul Schreiber, campaigner at Reclaim Finance | paul@reclaimfinance.org<\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><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-padding-top:10px;--awb-padding-right:10px;--awb-padding-left:2px;--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-margin-bottom:42px;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-2\"><p style=\"text-align: justify;\"><b><u>Note<\/u><\/b><\/p>\n<ol>\n<li style=\"text-align: justify;\">The Governor notably mentioned this 3 to 5 year delay during the <a href=\"https:\/\/www.youtube.com\/watch?v=x8BE4XyQFLA\" target=\"_blank\" rel=\"noopener noreferrer\"><u>Climate Finance Day<\/u><\/a>.<\/li>\n<li style=\"text-align: justify;\">The figure of five trillion (5,000 billion) includes asset purchases (via the Pandemic Emergency Purchase Program &#8211; 1,850 billion &#8211; and the Corporate Sector Purchase Program &#8211; 120 billion -) and refinancing operations (at least 3,000 billion in cash). These operations have been decided at successive ECB meetings (see the <a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/html\/index.en.html\" target=\"_blank\" rel=\"noopener noreferrer\"><u>ECB\u2019s press releases<\/u><\/a>).<\/li>\n<li style=\"text-align: justify;\">See the <u><a href=\"https:\/\/productiongap.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Production Gap Report 2020<\/a><\/u>, . which underlines the need to reduce the production of fossil fuels.<\/li>\n<li style=\"text-align: justify;\">The new investment policy announced on the 18th January 2021 by the Banque de France is analysed in this <u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/01\/18\/quitting-fossil-fuels-the-comeback-of-the-banque-de-france\/\" target=\"_blank\" rel=\"noopener noreferrer\">press release<\/a><\/u> from Reclaim Finance.<\/li>\n<li style=\"text-align: justify;\">These data come from two reports by Reclaim Finance on the ECB\u2019s asset purchases: <a href=\"https:\/\/reclaimfinance.org\/site\/en\/2020\/09\/03\/quantitative-easing-and-climate-2-fueling-the-fossil-gas-frenzy\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>https:\/\/reclaimfinance.org\/site\/en\/2020\/09\/03\/quantitative-easing-and-climate-2-fueling-the-fossil-gas-frenzy\/<\/u><\/a> and <a href=\"https:\/\/reclaimfinance.org\/site\/en\/2020\/05\/17\/quantitative-easing-climate-the-ecbs-dirty-secret\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>https:\/\/reclaimfinance.org\/site\/en\/2020\/05\/17\/quantitative-easing-climate-the-ecbs-dirty-secret\/ <\/u><\/a><\/li>\n<li style=\"text-align: justify;\">See the <u><a href=\"https:\/\/www.unep.org\/emissions-gap-report-2020\" target=\"_blank\" rel=\"noopener noreferrer\">Emission Gap Report 2020<\/a><\/u>.<\/li>\n<\/ol>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":2484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[226],"tags":[617,310,201],"acteurs_financiers":[2444],"thematique":[2504],"webinar_type":[],"programme":[],"class_list":["post-8168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-climate","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>The ECB\u2019s climate annoucements: a diversionary tactic? - Reclaim Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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