{"id":8429,"date":"2021-01-29T20:11:37","date_gmt":"2021-01-29T19:11:37","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=8429"},"modified":"2023-02-28T18:21:03","modified_gmt":"2023-02-28T17:21:03","slug":"ecb-and-banque-de-france-end-the-wait-and-see-attitude","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/01\/29\/ecb-and-banque-de-france-end-the-wait-and-see-attitude\/","title":{"rendered":"ECB and Banque de France: end the wait-and-see attitude"},"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-size:cover;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-video fusion-youtube fusion-aligncenter\" style=\"--awb-max-width:600px;--awb-max-height:360px;--awb-width:100%;\" data-autoplay=\"1\"><div class=\"video-shortcode\"><div class=\"fluid-width-video-wrapper\" style=\"padding-top:60%;\" ><iframe title=\"YouTube video player 1\" src=\"https:\/\/www.youtube.com\/embed\/YluLJsXLNgQ?wmode=transparent&autoplay=0\" width=\"600\" height=\"360\" allowfullscreen allow=\"autoplay; fullscreen\"><\/iframe><\/div><\/div><\/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-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;\"><strong><span style=\"color: #8ac56b;\"><span class=\"TextRun BCX0 SCXW254657163\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW254657163\"><span class=\"TextRun SCXW229342351 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW229342351 BCX0\">Facing a climate crisis, the message from the European Central Bank (ECB) and French central bank (Banque de France) is clear: there is a climate emergency and we urgently&#8230; need to wait. If the past few months have been filled with climate pledges and announcements, thus revealing the rise of climate issues inside European central banks, central bankers are yet to do anything to align their monetary and prudential policy with the objectives of the Paris Agreement. Worse still, they did nothing to stop the support the ECB provides to polluting companies. <\/span><\/span> <\/span><\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><b style=\"color: #59bc6d;\"><span class=\"TextRun SCXW29657008 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW29657008 BCX0\"><span class=\"TextRun SCXW219716797 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW219716797 BCX0\">Urgent\u2026 to wait \u00ab\u00a03 to 5\u202f\u00a0\u00bb y<\/span><\/span><span class=\"TextRun SCXW219716797 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW219716797 BCX0\">ears<\/span><\/span> <\/span><\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span class=\"TextRun SCXW246638442 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW246638442 BCX0\"><span class=\"TextRun SCXW31840377 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW31840377 BCX0\">On <a title=\"\" href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/01\/25\/the-ecbs-climate-annoucements-a-diversionary-tactic\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>January 25th<\/u><\/a><\/span><\/span><span class=\"TextRun SCXW31840377 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW31840377 BCX0\"> 2021<\/span><\/span><span class=\"TextRun SCXW31840377 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW31840377 BCX0\">, the ECB announced the creation of a \u201cclimate center, to examine the integration of climate into all of its operations, and the investment of part of its own funds in green bonds. These announcements were followed by speeches from <a class=\"Hyperlink SCXW246638442 BCX0\" href=\"https:\/\/www.ecb.europa.eu\/press\/key\/date\/2021\/html\/ecb.sp210125~f87e826ca5.en.html\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW246638442 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><u>Christine Lagarde<\/u><\/span><\/a> and <a class=\"Hyperlink SCXW246638442 BCX0\" href=\"https:\/\/www.ecb.europa.eu\/press\/key\/date\/2021\/html\/ecb.sp210125_1~2d98c11cf8.en.html\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW246638442 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><u>Fabio Panetta<\/u><\/span><\/a>. <\/span><\/span> <\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW42115403 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW42115403 BCX0\"><span class=\"TextRun SCXW244353083 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW244353083 BCX0\">At first glance, these announcements suggest that climate is now seriously considered by the central bank and that it could take it into account in \u201c<a title=\"\" href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2021\/html\/ecb.pr210125_1~3fc4ebb4c6.en.html\" target=\"_blank\" rel=\"noopener noreferrer\"><u>all of its operations<\/u><\/a>\u201d. But, looking closely, they do not have any effect on the environmental impact of the bank. <\/span><\/span><span class=\"TextRun SCXW244353083 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW244353083 BCX0\">What\u2019s<\/span><\/span><span class=\"TextRun SCXW244353083 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW244353083 BCX0\"> worse, they could be used as an excuse to delay the adoption of ambitious climate measures. <\/span><\/span> <\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW211658914 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW211658914 BCX0\"><span class=\"TextRun SCXW179709016 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW179709016 BCX0\">In fact, the governor of the Banque de France previously stated that climate measures should be studied immediately to be implemented in \u201c<a title=\"\" href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/01\/26\/monetary-policy-and-fossil-fuels-the-banque-de-france-torn-between-its-need-to-act-and-desire-to-wait\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>3 to 5<\/u><\/a>\u201d years. <a title=\"\" href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/01\/25\/the-ecbs-climate-annoucements-a-diversionary-tactic\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>The ECB seems to be following the same calendar<\/u><\/a>: its press release indicates that the new \u201cclimate center\u201d aims \u201cultimately\u201d \u2013 and not now \u2013 at the integration of these issues and will only be reviewed in three years. As a reminder, the IPCC estimates that we now have less than 10 years to limit global warming to 1.5\u00b0C. We do not have the luxury to wait several years when our emissions need to decrease by <a title=\"\" href=\"https:\/\/www.unep.org\/emissions-gap-report-2020\" target=\"_blank\" rel=\"noopener noreferrer\"><u>7.6% each year<\/u><\/a>. <\/span><\/span> <\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><b style=\"color: #59bc6d;\"><span class=\"TextRun SCXW194015492 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW194015492 BCX0\"><span class=\"TextRun SCXW133364486 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW133364486 BCX0\">G<\/span><\/span><span class=\"TextRun SCXW133364486 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW133364486 BCX0\">reen bonds<\/span><\/span><span class=\"TextRun SCXW133364486 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW133364486 BCX0\"> as an alibi<\/span><\/span> <\/span><\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span class=\"TextRun SCXW1847126 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW1847126 BCX0\"><span class=\"TextRun SCXW260865968 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW260865968 BCX0\">All in all,<\/span><\/span><span class=\"TextRun SCXW260865968 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW260865968 BCX0\"> the ECB is satisfied<\/span><\/span> <span class=\"TextRun SCXW260865968 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW260865968 BCX0\">with<\/span><\/span><span class=\"TextRun SCXW260865968 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW260865968 BCX0\"> highlight<\/span><\/span><span class=\"TextRun SCXW260865968 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW260865968 BCX0\">ing<\/span><\/span> <span class=\"TextRun SCXW260865968 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW260865968 BCX0\">the purchase of <\/span><\/span><span class=\"TextRun SCXW260865968 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW260865968 BCX0\">green bonds as <\/span><\/span><span class=\"TextRun SCXW260865968 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW260865968 BCX0\">its only concrete climate action. Even when <\/span><\/span><span class=\"TextRun SCXW260865968 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW260865968 BCX0\">ignoring <a title=\"\" href=\"https:\/\/reclaimfinance.org\/site\/en\/our-fights\/green-bonds-watch-out-it-could-be-a-trap\/\" target=\"_blank\" rel=\"noopener noreferrer\">the <u>doubts surrounding the environmental contribution of such bonds<\/u><\/a>, the impact of this announcement is especially limited:<\/span><\/span> <\/span><\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\"><span class=\"TextRun SCXW59696872 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW59696872 BCX0\">The ECB President previously used the purchase of a few green bonds to respond to criticisms on its asset purchase programs, conveniently forgetting that they occupy a <a title=\"\" href=\"https:\/\/www.ecb.europa.eu\/press\/key\/date\/2020\/html\/ecb.sp200717~1556b0f988.en.html\" target=\"_blank\" rel=\"noopener noreferrer\"><u>very marginal place<\/u><\/a> in these programs and that they are simply the result of the growth of these bonds in the financial market.<\/span><\/span> <\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\"><span class=\"TextRun SCXW216961003 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216961003 BCX0\">The ECB\u2019s new announcement only concerns its own funds, not its monetary policy. Today, 728 <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2 SCXW216961003 BCX0\">million<\/span><span class=\"NormalTextRun SCXW216961003 BCX0\"> of its own <a title=\"\" href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2021\/html\/ecb.pr210125~715adb4e2b.en.html\" target=\"_blank\" rel=\"noopener noreferrer\"><u>20.8 billion<\/u><\/a><\/span><\/span><span class=\"TextRun SCXW216961003 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2 SCXW216961003 BCX0\"> euro funds<\/span><\/span><span class=\"TextRun SCXW216961003 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216961003 BCX0\"> are invested in green bonds. The announcement means that this share will increase, an increase that should remain fairly small providing that the funds in which the ECB invests do not <\/span><\/span><span class=\"TextRun SCXW216961003 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2 SCXW216961003 BCX0\">exceed <a title=\"\" href=\"https:\/\/www.bis.org\/press\/p210125.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><u>2<\/u><\/a><\/span><\/span><span class=\"TextRun SCXW216961003 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216961003 BCX0\"><u> billion dollars<\/u>. <\/span><\/span> <\/span><\/li>\n<\/ul>\n<p><span class=\"TextRun SCXW179209713 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW179209713 BCX0\"><span class=\"TextRun SCXW102972250 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW102972250 BCX0\">Therefore, the intervention looks a lot like a publicity stunt. This is not the ECB\u2019s first such attempt: in September 2020, it decided to accept \u201c\u202f<a class=\"Hyperlink SCXW179209713 BCX0\" href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2020\/html\/ecb.pr200922~482e4a5a90.en.html%22%20\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"FieldRange SCXW179209713 BCX0\"><u><span class=\"TextRun Underlined SCXW179209713 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\">sustainability<\/span> <span class=\"TextRun Underlined SCXW179209713 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\">linked<\/span><span class=\"TextRun Underlined SCXW179209713 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"> bonds<\/span><\/u><\/span><\/a>\u201d as collateral, a decision with no climate impact that concern an almost non-existent asset class.<\/span><\/span> <\/span><\/span><\/p>\n<p><b style=\"color: #59bc6d;\"><span class=\"TextRun SCXW246635003 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW246635003 BCX0\"><span class=\"TextRun SCXW22540625 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW22540625 BCX0\">Behind the smoke screen, climate chaos<\/span><\/span> <\/span><\/span><\/b><\/p>\n<p><span class=\"TextRun SCXW226538784 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW226538784 BCX0\"><span class=\"TextRun SCXW221148859 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW221148859 BCX0\">Behind this smoke screen, the ECB do not condition its <\/span><\/span><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/01\/25\/the-ecbs-climate-annoucements-a-diversionary-tactic\/\"><span class=\"TextRun SCXW221148859 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW221148859 BCX0\"><u>5 <\/u><\/span><\/span><\/a><span class=\"TextRun SCXW221148859 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2 SCXW221148859 BCX0\"><u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/01\/25\/the-ecbs-climate-annoucements-a-diversionary-tactic\/\" target=\"_blank\" rel=\"noopener noreferrer\">trillion <\/a><\/u><\/span><\/span><span class=\"TextRun SCXW221148859 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2 SCXW221148859 BCX0\"><u>euro<\/u><\/span><\/span> <span class=\"TextRun SCXW221148859 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW221148859 BCX0\">response to Covid-19 on any climate or environmental criteria. Therefore, it:<\/span><\/span> <\/span><\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\"><span class=\"TextRun SCXW245474963 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW245474963 BCX0\">continues to <a title=\"\" href=\"https:\/\/neweconomics.org\/2020\/10\/decarbonising-is-easy\" target=\"_blank\" rel=\"noopener noreferrer\">favor<\/a> high-carbon companies, including <a title=\"\" href=\"https:\/\/reclaimfinance.org\/site\/en\/2020\/05\/17\/quantitative-easing-climate-the-ecbs-dirty-secret\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>38 fossil fuel companies<\/u><\/a>, through its asset <\/span><\/span><span class=\"TextRun SCXW245474963 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW245474963 BCX0\">purchases;<\/span><\/span> <\/span><\/li>\n<li><span data-contrast=\"auto\"><span class=\"TextRun SCXW121556299 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW121556299 BCX0\">allows for banks that get financed at lower-than-ever \u2013 and even negative &#8211; rates to fund polluting <\/span><\/span><span class=\"TextRun SCXW121556299 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW121556299 BCX0\">activities;<\/span><\/span> <\/span><\/li>\n<li><span class=\"TextRun SCXW127445931 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW127445931 BCX0\">let banks and financial institutions accumulate polluting assets without ensuring that the related risks are managed and mitigated.<\/span><\/span><\/li>\n<\/ul>\n<p><span class=\"TextRun SCXW80353717 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW80353717 BCX0\"><span class=\"TextRun SCXW57301560 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW57301560 BCX0\">However, contrary to what central bankers like to say, the ECB can act now: <\/span><\/span><span class=\"TextRun SCXW57301560 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW57301560 BCX0\">according to <\/span><\/span><span class=\"TextRun SCXW57301560 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW57301560 BCX0\">the UN <a class=\"Hyperlink SCXW80353717 BCX0\" href=\"https:\/\/productiongap.org\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW80353717 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><u>Production Gap Report 2020<\/u><\/span><\/a><\/span><\/span><span class=\"TextRun SCXW57301560 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW57301560 BCX0\">, fossil fuel production <\/span><\/span><span class=\"TextRun SCXW57301560 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW57301560 BCX0\">needs<\/span><\/span><span class=\"TextRun SCXW57301560 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW57301560 BCX0\"> to decrease by 6%<\/span><\/span><span class=\"TextRun SCXW57301560 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW57301560 BCX0\"> each year by 2030 to limit <\/span><\/span><span class=\"TextRun SCXW57301560 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW57301560 BCX0\">global warming to 1.5\u00b0C. New fossil fuel projects <\/span><\/span><span class=\"TextRun SCXW57301560 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW57301560 BCX0\">are incompatible with our climate objectives et are among the most exposed to <a title=\"\" href=\"https:\/\/www.finance-watch.org\/publication\/breaking-the-climate-finance-doom-loop\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>climate-related risks<\/u><\/a>.<\/span><\/span> <\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span class=\"TextRun SCXW151807192 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW151807192 BCX0\"><span class=\"TextRun SCXW145153914 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW145153914 BCX0\">The Banque de France itself recognized it when it <a title=\"\" href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/01\/18\/quitting-fossil-fuels-the-comeback-of-the-banque-de-france\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>drastically reduced<\/u><\/a> its investments in fossil fuels. Its governor, Fran\u00e7ois <\/span><\/span><span class=\"TextRun SCXW145153914 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW145153914 BCX0\">Villeroy<\/span><\/span><span class=\"TextRun SCXW145153914 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW145153914 BCX0\"> de <\/span><\/span><span class=\"TextRun SCXW145153914 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SpellingErrorV2 SCXW145153914 BCX0\">Galhau<\/span><\/span><span class=\"TextRun SCXW145153914 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW145153914 BCX0\">, stays quiet when it comes to the multi-<\/span><\/span><span class=\"TextRun SCXW145153914 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2 SCXW145153914 BCX0\">trillion Euro<\/span><\/span><span class=\"TextRun SCXW145153914 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW145153914 BCX0\"> monetary policy, despite the fact that they support companies planning <a title=\"\" 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>67 new oil and gas projects<\/u><\/a>. The governor\u2019s ambition to make ECB \u201c<a title=\"\" href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/01\/26\/monetary-policy-and-fossil-fuels-the-banque-de-france-torn-between-its-need-to-act-and-desire-to-wait\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>the pioneer central bank in the fight against climate change<\/u><\/a> \u201d cannot be credible under such circumstances. <\/span><\/span> <\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><b><span style=\"color: #59bc6d;\"><span class=\"TextRun SCXW93781701 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW93781701 BCX0\"><span class=\"TextRun SCXW57616240 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW57616240 BCX0\">Central bankers under the spotlight<\/span><\/span> <\/span><\/span><\/span><\/b><\/p>\n<p><strong><span style=\"color: #8ac56b;\"><span class=\"TextRun BCX0 SCXW254657163\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW254657163\"><span class=\"TextRun SCXW157684190 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW157684190 BCX0\"><span class=\"TextRun SCXW64039636 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW64039636 BCX0\">While they long have been <span style=\"color: #8ac56b;\">shielded <\/span>from <\/span><\/span><span class=\"TextRun SCXW64039636 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW64039636 BCX0\">criticism<\/span><\/span><span class=\"TextRun SCXW64039636 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW64039636 BCX0\"> and could hide behind their alleged &lsquo;<a style=\"color: #ffffff;\" title=\"\" href=\"https:\/\/www.cepweb.org\/central-bank-market-neutrality-is-a-myth\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u><span style=\"color: #8ac56b;\">neutrality<\/span><\/u><\/a>&lsquo;, central bankers are now called out by an increasing number of Europeans who want to preserve the planet. After a <a style=\"color: #ffffff;\" title=\"\" href=\"https:\/\/actions.sumofus.org\/a\/european-central-bank-stop-funding-the-climate-crisis\" target=\"_blank\" rel=\"noopener noreferrer\"><u><span style=\"color: #8ac56b;\">first petition<\/span><\/u><\/a> signed by more than 167\u202f000 Europeans asking the ECB to stop contributing to climate chaos, Reclaim Finance and <\/span><\/span><span class=\"TextRun SCXW64039636 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SpellingErrorV2 SCXW64039636 BCX0\">SumOfUs<\/span><\/span><span class=\"TextRun SCXW64039636 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW64039636 BCX0\"> are urging the Banque de France, through a <a title=\"\" href=\"https:\/\/actions.sumofus.org\/a\/banque-de-france-put-your-words-into-action-push-the-ecb-to-drop-fossil-fuels-now\" target=\"_blank\" rel=\"noopener noreferrer\"><u><span style=\"color: #8ac56b;\">new petition<\/span><\/u><\/a>, to take the lead. <\/span><\/span> <\/span><\/span><\/span><\/span><\/span><\/strong><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":8427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222],"tags":[410,310,413],"acteurs_financiers":[2444],"thematique":[2423,2419],"webinar_type":[],"programme":[],"class_list":["post-8429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog_en","tag-banque-de-france-en","tag-european-central-bank-ecb","tag-oil-and-gas","acteurs_financiers-regulators","thematique-fossil-fuels","thematique-oil-and-gas-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ECB and Banque de France: end 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