{"id":8907,"date":"2021-02-23T12:36:13","date_gmt":"2021-02-23T11:36:13","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=8907"},"modified":"2023-03-01T11:28:48","modified_gmt":"2023-03-01T10:28:48","slug":"banque-de-france-position-decarbonisation-bce","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/2021\/02\/23\/banque-de-france-position-decarbonisation-bce\/","title":{"rendered":"Banque de France : quelle position sur la d\u00e9carbonisation de la BCE ?"},"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;--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\">Le <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">11 f\u00e9vrier<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">, le Gouverneur Villeroy d\u00e9veloppait les propositions de la Banque de France pour une int\u00e9gration des enjeux climatiques au travail de la Banque Centrale Europ\u00e9enne (BCE). Au programme<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">:<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> la reconnaissance de la n\u00e9cessit\u00e9 de r\u00e9viser le principe de neutralit\u00e9 de march\u00e9 et d\u2019initier la d\u00e9carbonation de toutes les op\u00e9rations de la banque centrale<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> ;<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">mais des<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> propositions <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">incompl\u00e8tes, <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">trop floues <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">et surtout trop tardives <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">pour garantir un v\u00e9ritable impact. D\u00e9cryptage d<span style=\"color: #8ac56b;\">e <\/span><\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"><a href=\"https:\/\/www.banque-france.fr\/intervention\/le-role-des-banques-centrales-dans-le-verdissement-de-leconomie\"><u><span style=\"color: #8ac56b;\">ce <\/span><\/u><\/a><u><a href=\"https:\/\/www.banque-france.fr\/intervention\/le-role-des-banques-centrales-dans-le-verdissement-de-leconomie\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #8ac56b;\">discours<\/span><\/a><\/u><\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"><span style=\"color: #8ac56b;\">fle<\/span>uve<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">.<\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><b><span style=\"color: #59bc6d;\" data-contrast=\"none\">Une dynamique d\u2019apparence <\/span><\/b><b><span style=\"color: #59bc6d;\" data-contrast=\"none\">positive<\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">Alors que <\/span><span data-contrast=\"none\"><u><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-02-18\/ecb-converges-on-green-policy-as-activists-patience-wears-thin?sref=tEHt46mu\" target=\"_blank\" rel=\"noopener noreferrer\">le d\u00e9bat fait rage<\/a><\/u><\/span><span data-contrast=\"none\"> autour du r\u00f4le de la BCE face au changement climatique, le Gouverneur de la Banque de France reconna<\/span><span data-contrast=\"none\">\u00ee<\/span><span data-contrast=\"none\">t d\u2019embl\u00e9e la n\u00e9cessit\u00e9 de revoir en profondeur les op\u00e9rations de la BCE. Il rejoint ainsi <\/span><span data-contrast=\"none\"><u><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-10-14\/lagarde-says-ecb-needs-to-question-market-neutrality-on-climate?sref=tEHt46mu\" target=\"_blank\" rel=\"noopener noreferrer\">Christine Lagarde<\/a><\/u><\/span><span data-contrast=\"none\">, <\/span><span data-contrast=\"none\"><u><a href=\"https:\/\/www.ecb.europa.eu\/press\/key\/date\/2020\/html\/ecb.sp200717~1556b0f988.en.html\" target=\"_blank\" rel=\"noopener noreferrer\">Isabel Schnabel<\/a><\/u><\/span><span data-contrast=\"none\">, <\/span><u><a href=\"https:\/\/www.centralbanking.com\/central-banks\/monetary-policy\/7715771\/olli-rehn-on-ait-market-neutrality-and-eu-fiscal-policies\"><span data-contrast=\"none\">Olli<\/span><span data-contrast=\"none\"> Rehn<\/span><\/a><\/u><span data-contrast=\"none\"> ou encore <\/span><u><a href=\"https:\/\/financialpost.com\/pmn\/business-pmn\/ecb-needs-to-rethink-market-neutrality-in-green-asset-buys-knot\"><span data-contrast=\"none\">Klaas<\/span> <span data-contrast=\"none\">Knot<\/span><\/a><\/u><span data-contrast=\"none\"> en se positionnant <\/span><b><span data-contrast=\"none\">pour une r\u00e9vision du principe de <\/span><\/b><b><span data-contrast=\"none\"><u><a href=\"https:\/\/www.positivemoney.eu\/2021\/02\/policy-briefing-market-neutrality\/\" target=\"_blank\" rel=\"noopener noreferrer\">neutralit\u00e9 de march\u00e9<\/a><\/u><\/span><\/b><span data-contrast=\"none\">, qui ne doit pas selon lui <\/span><span data-contrast=\"auto\">\u00ab\u202f<\/span><span data-contrast=\"auto\">\u00eatre un frein \u00e0 la neutralit\u00e9 carbone<\/span><span data-contrast=\"auto\">\u202f\u00bb.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">Autre \u00e9l\u00e9ment positif, le Gouverneur sugg\u00e8re de <\/span><b><span data-contrast=\"auto\">d\u00e9carboner l\u2019ensemble des op\u00e9rations de la BCE<\/span><\/b><span data-contrast=\"auto\">. Il indique vouloir <\/span><span data-contrast=\"auto\">commencer<\/span><span data-contrast=\"auto\"> par \u00ab\u202ftous<\/span><span data-contrast=\"auto\"> les actifs <\/span><span data-contrast=\"auto\">corporate<\/span><span data-contrast=\"auto\">, qu\u2019ils soient d\u00e9tenus au bilan de la banque centrale (les achats) ou pris en garantie (le collat\u00e9ral)<\/span><span data-contrast=\"auto\">\u202f\u00bb.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">Mais, si la dynamique d\u00e9crite par le Gouverneur semble positive, le calendrier qu\u2019il met en avant est plus qu\u2019inqui\u00e9tant. <\/span><\/p>\n<p style=\"text-align: justify;\"><b><span style=\"color: #59bc6d;\" data-contrast=\"auto\">3 \u00e0 5 ann\u00e9e<\/span><\/b><b><span style=\"color: #59bc6d;\" data-contrast=\"auto\">s<\/span><\/b><b><span style=\"color: #59bc6d;\" data-contrast=\"auto\"> d\u2019attente <\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">En effet, comme il l\u2019avait d\u00e9j\u00e0 fait \u00e0 plusieurs reprises auparavant, le<\/span><span data-contrast=\"auto\"> Gouverneur <\/span><span data-contrast=\"auto\">souligne<\/span><span data-contrast=\"auto\"> que la BCE <\/span><span data-contrast=\"auto\">doit<\/span><span data-contrast=\"auto\"> d\u00e9cider des mesures \u00e0 prendre d\u2019ici la fin d\u2019ann\u00e9e pour les mettre en \u0153uvre <\/span><b><span data-contrast=\"auto\">d\u2019ici\u2026 \u00ab\u202f3 \u00e0 5 ans\u202f\u00bb\u202f!<\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">Ce<\/span><span data-contrast=\"auto\"> d\u00e9lai ignore totalement l\u2019urgence climatique <\/span><span data-contrast=\"auto\">: alors que <\/span><span data-contrast=\"auto\">nous n\u2019avons que <\/span><span data-contrast=\"none\"><u><a href=\"https:\/\/www.unep.org\/emissions-gap-report-2020\" target=\"_blank\" rel=\"noopener noreferrer\">quelques ann\u00e9es<\/a><\/u><\/span><span data-contrast=\"auto\"> pour<\/span><span data-contrast=\"auto\"> limiter le r\u00e9chauffement plan\u00e9taire<\/span><span data-contrast=\"auto\">,<\/span><b><span data-contrast=\"auto\"> la <\/span><\/b><b><span data-contrast=\"auto\">BCE <\/span><\/b><b><span data-contrast=\"auto\">d\u00e9versera <\/span><\/b><b><span data-contrast=\"auto\">5 000 milliards d&rsquo;euros en 2020-2022<\/span><\/b><b><span data-contrast=\"auto\"> sans aucune condition environnementale ou climatique<\/span><\/b><span data-contrast=\"auto\">, soutenant ainsi les activit\u00e9s les <\/span><span data-contrast=\"none\"><u>plus polluantes<\/u><\/span><span data-contrast=\"auto\">. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">De plus<\/span><span data-contrast=\"none\">, m\u00eame si les propositions du Gouverneur \u00e9taient appliqu\u00e9es imm\u00e9diatement, elles <\/span><span data-contrast=\"none\">seraient insuffisantes<\/span><span data-contrast=\"none\"> pour contribuer <\/span><span data-contrast=\"none\">significativement <\/span><span data-contrast=\"none\">\u00e0 la lutte contre le changement climatique<\/span><span data-contrast=\"none\"> et \u00e0 l<\/span><span data-contrast=\"none\">\u2019att\u00e9nuation<\/span><span data-contrast=\"none\"> des risques qui y sont li\u00e9s.<\/span><\/p>\n<p style=\"text-align: justify;\"><b><span style=\"color: #59bc6d;\" data-contrast=\"none\">Les<\/span><\/b><b> <\/b><b><span style=\"color: #59bc6d;\" data-contrast=\"none\">entreprises<\/span><\/b><b><span style=\"color: #59bc6d;\" data-contrast=\"none\"> les plus polluantes<\/span><\/b><b><span style=\"color: #59bc6d;\" data-contrast=\"none\"> pr\u00e9serv\u00e9es<\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">Les<\/span><span data-contrast=\"none\"> mesures propos\u00e9es<\/span><span data-contrast=\"none\"> par le Gouverneur concernant la politique mon\u00e9taire<\/span><span data-contrast=\"none\"> consistent \u00e0<\/span><span data-contrast=\"none\">\u202f<\/span><b><span data-contrast=\"none\">utiliser le risque climatique pour <\/span><\/b><b><span data-contrast=\"none\">:<\/span><\/b><\/p>\n<ol>\n<li style=\"text-align: justify;\"><b><span data-contrast=\"none\">Adapter<\/span><\/b><b><span data-contrast=\"none\"> les volumes d\u2019achat d\u2019actifs d<\/span><\/b><b><span data-contrast=\"none\">\u2019entreprises<\/span><\/b><span data-contrast=\"none\"> par<\/span><span data-contrast=\"none\"> la BCE<\/span> <span data-contrast=\"none\">;<\/span><\/li>\n<li style=\"text-align: justify;\"><b><span data-contrast=\"none\">Moduler la valeur des actifs <\/span><\/b><b><span data-contrast=\"none\">d\u2019entreprises <\/span><\/b><b><span data-contrast=\"none\">accept\u00e9s en collat\u00e9raux<\/span><\/b> <span data-contrast=\"none\">(via les \u00ab\u202f<\/span><span data-contrast=\"none\">haircuts<\/span><span data-contrast=\"none\">\u202f\u00bb).<\/span><\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">Ces<\/span><span data-contrast=\"none\"> deux propositions <\/span><b><span data-contrast=\"none\">n\u2019exclu<\/span><\/b><b><span data-contrast=\"none\">e<\/span><\/b><b><span data-contrast=\"none\">nt<\/span><\/b><b><span data-contrast=\"none\"> pas les actifs<\/span><\/b><b><span data-contrast=\"none\"> des entreprises<\/span><\/b><b><span data-contrast=\"none\"> les plus polluant<\/span><\/b><b><span data-contrast=\"none\">e<\/span><\/b><b><span data-contrast=\"none\">s<\/span><\/b><span data-contrast=\"none\">.\u202fM\u00eame lorsqu<\/span><span data-contrast=\"none\">e les entreprises<\/span><span data-contrast=\"none\"> ne respectent les crit\u00e8res fix\u00e9s, le<\/span><span data-contrast=\"none\">urs actif<\/span><span data-contrast=\"none\">s seront toujours accept\u00e9s en collat\u00e9raux et achet\u00e9s par la BCE<\/span><span data-contrast=\"none\">. Seul changement :<\/span><span data-contrast=\"none\"> les conditions <\/span><span data-contrast=\"none\">sous-<\/span><span data-contrast=\"none\">lesquel<\/span><span data-contrast=\"none\">le<\/span><span data-contrast=\"none\">s <\/span><span data-contrast=\"none\">ces actifs seront<\/span><span data-contrast=\"none\"> retenus<\/span> <span data-contrast=\"none\">s<\/span><span data-contrast=\"none\">eront moins favorables<\/span><span data-contrast=\"none\">. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">De plus, c<\/span><span data-contrast=\"none\">es<\/span><span data-contrast=\"none\"> proposition<\/span><span data-contrast=\"none\">s<\/span> <span data-contrast=\"none\">font<\/span><span data-contrast=\"none\"> des<\/span> <span data-contrast=\"none\">risqu<\/span><span data-contrast=\"none\">es climatiques<\/span> <span data-contrast=\"none\">un crit\u00e8re suppl\u00e9mentaire \u00e0 prendre en compte<\/span> <span data-contrast=\"none\">aux c\u00f4t\u00e9s d\u2019autres crit\u00e8res<\/span><span data-contrast=\"none\">, et non le seul crit\u00e8re de <\/span><span data-contrast=\"none\">s\u00e9lection<\/span><span data-contrast=\"none\">. <\/span><span data-contrast=\"none\">A moins que les investissements des entreprises (capex) soient \u00e9tudi\u00e9s dans le d\u00e9tail, l<\/span><span data-contrast=\"none\">es grandes entreprises tr\u00e8s polluantes <\/span><span data-contrast=\"none\">mais <\/span><span data-contrast=\"none\">consid\u00e9r\u00e9es<\/span> <span data-contrast=\"none\">comme financi\u00e8rement solide<\/span><span data-contrast=\"none\">s<\/span> <span data-contrast=\"none\">ne s<\/span><span data-contrast=\"none\">era<\/span><span data-contrast=\"none\">ient<\/span> <span data-contrast=\"none\">que tr\u00e8s marginalement<\/span><span data-contrast=\"none\"> impact\u00e9es<\/span><span data-contrast=\"none\">, m\u00eame lorsqu\u2019elles<\/span><span data-contrast=\"none\"> investiraient dans des projets incompatibles avec le<\/span> <span data-contrast=\"none\">budget carbone restant. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">L<\/span><span data-contrast=\"none\">\u2019utilisation <\/span><span data-contrast=\"none\">du<\/span><span data-contrast=\"none\">\u202frisque <\/span><span data-contrast=\"none\">climatique\u202fimplique<\/span><span data-contrast=\"none\"> la mod\u00e9lisation de<\/span><span data-contrast=\"none\"> sa <\/span><span data-contrast=\"none\">mat\u00e9rialit\u00e9<\/span> <span data-contrast=\"none\">financi\u00e8re<\/span><span data-contrast=\"none\"> avant de pouvoir agir. <\/span><span data-contrast=\"none\"> Or,<\/span><span data-contrast=\"none\"> l<\/span><span data-contrast=\"none\">\u2019\u00ab<\/span><span data-contrast=\"none\">\u202f<\/span><a href=\"https:\/\/www.ucl.ac.uk\/bartlett\/public-purpose\/sites\/public-purpose\/files\/iipp-wp-2019-13-climate-related-financial-policy-in-a-world-of-radical-undertainty-web.pdf\"><span data-contrast=\"none\">incertitude radicale\u202f<\/span><\/a><span data-contrast=\"none\">\u00bb<\/span> <span data-contrast=\"none\">qui caract\u00e9rise le risque climatique rend l\u2019obtention <\/span><span data-contrast=\"none\">de tels mod\u00e8les<\/span><span data-contrast=\"none\"> particuli\u00e8rement<\/span><span data-contrast=\"none\"> complexe <\/span><span data-contrast=\"none\">voire<\/span><span data-contrast=\"none\"> impossible. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">Le Gouverneur n\u2019ignore pas ce probl\u00e8me<\/span><span data-contrast=\"none\">. I<\/span><span data-contrast=\"none\">l<\/span><span data-contrast=\"none\"> pr\u00e9cise qu\u2019il <\/span><b><span data-contrast=\"none\">souhaite<\/span><\/b><b><span data-contrast=\"none\"> prendre \u00ab\u00a0l&rsquo;alignement climatique\u00a0\u00bb comme \u00ab\u00a0proxy\u00a0\u00bb du risque climatique<\/span><\/b><span data-contrast=\"none\">, <\/span><span data-contrast=\"none\">en attendant une mesure <\/span><span data-contrast=\"none\">suffisante<\/span><span data-contrast=\"none\"> de celui-ci. <\/span><span data-contrast=\"none\">Mais l\u00e0 aussi,<\/span> <b><span data-contrast=\"none\">la mani\u00e8re dont le Gouverneur d\u00e9finit cet <\/span><\/b><b><span data-contrast=\"none\">\u00ab\u00a0alignement climatique\u00a0\u00bb <\/span><\/b><b><span data-contrast=\"none\">est <\/span><\/b><b><span data-contrast=\"none\">probl\u00e9matique<\/span><\/b><span data-contrast=\"none\"> :<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">Il<\/span><span data-contrast=\"none\"> \u00e9voque <\/span><b><span data-contrast=\"none\">un alignement sur des<\/span><\/b><b><span data-contrast=\"none\"> trajectoires 2\u00b0C, et non 1.5\u00b0C<\/span><\/b><b><span data-contrast=\"none\">.<\/span><\/b><\/li>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">Il<\/span><span data-contrast=\"none\"> propose \u00ab\u00a0d&rsquo;utiliser des indicateurs mesurant l\u2019effort que r\u00e9alise, sur une p\u00e9riode donn\u00e9e, un \u00e9metteur pour abaisser ses \u00e9missions de carbone par rapport \u00e0 ses pairs du m\u00eame secteur \u00e9conomique.\u00a0\u00bb <\/span><span data-contrast=\"none\">Il<\/span><span data-contrast=\"none\"> s&rsquo;agit d&rsquo;adopter une approche sectorielle bas\u00e9e sur<\/span> <span data-contrast=\"none\">une logique de<\/span> <span data-contrast=\"none\">\u201c<\/span><span data-contrast=\"none\">best<\/span><span data-contrast=\"none\">&#8211;<\/span><span data-contrast=\"none\">in<\/span><span data-contrast=\"none\">&#8211;<\/span><span data-contrast=\"none\">class<\/span><span data-contrast=\"none\">\u201d<\/span> <span data-contrast=\"none\">et <\/span><span data-contrast=\"none\">laissant<\/span><span data-contrast=\"none\"> pr\u00e9sager<\/span><span data-contrast=\"none\"> de l\u2019<\/span><span data-contrast=\"none\">usage de <\/span><span data-contrast=\"none\">l&rsquo;intensit\u00e9 carbone<\/span><span data-contrast=\"none\"> comme indicateur pr<\/span><span data-contrast=\"none\">incipal<\/span><span data-contrast=\"none\">. <\/span><b><span data-contrast=\"none\">L<\/span><\/b><b><span data-contrast=\"none\">es acteurs<\/span><\/b><b> <\/b><b><span data-contrast=\"none\">ne doivent donc pas s\u2019aligner sur une<\/span><\/b><b><span data-contrast=\"none\"> trajectoire climatique viable<\/span><\/b><b><span data-contrast=\"none\">,<\/span><\/b><b><span data-contrast=\"none\"> mais <\/span><\/b><b><span data-contrast=\"none\">simplement<\/span><\/b><b><span data-contrast=\"none\"> de faire mieux que le<\/span><\/b><b><span data-contrast=\"none\">urs<\/span><\/b><b><span data-contrast=\"none\"> pairs<\/span><\/b><b><span data-contrast=\"none\">, y compris si cela implique de r\u00e9duire l<\/span><\/b><b><span data-contrast=\"none\">\u2019intensit\u00e9 en carbone des activit\u00e9s tout en maintenant voire augmentant les \u00e9missions absolues<\/span><\/b><span data-contrast=\"none\">. <\/span><b><span data-contrast=\"none\">Le fait <\/span><\/b><b><span data-contrast=\"none\">que le Gouverneur ne demande pas une exclusion<\/span><\/b><b> <\/b><b><span data-contrast=\"none\">du secteur des<\/span><\/b><b> <\/b><b><span data-contrast=\"none\"><u><a href=\"https:\/\/www.finance-watch.org\/publication\/breaking-the-climate-finance-doom-loop\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u00e9nergies fossiles<\/a><\/u><\/span><\/b><b><span data-contrast=\"none\"> (1) es<\/span><\/b><b><span data-contrast=\"none\">t d\u2019autant plus surprenant <\/span><\/b><b><span data-contrast=\"none\">que l<\/span><\/b><b><span data-contrast=\"none\">a Banque de France a reconnu la n\u00e9cessit\u00e9 d\u2019amorcer la sortie de<\/span><\/b><b><span data-contrast=\"none\"> celles-ci<\/span><\/b><b><span data-contrast=\"none\">,<\/span><\/b><span data-contrast=\"none\"> en adoptant une <\/span><span data-contrast=\"none\"><u><a href=\"https:\/\/reclaimfinance.org\/site\/2021\/01\/18\/sortie-des-energies-fossiles-le-sursaut-de-la-banque-de-france\/\" target=\"_blank\" rel=\"noopener noreferrer\">politique fossile<\/a><\/u><\/span><span data-contrast=\"none\"> exigeante en janvier 2021<\/span><span data-contrast=\"none\">,<\/span><span data-contrast=\"none\"> et<\/span> <span data-contrast=\"none\">devrait porter cette dynamique <\/span><span data-contrast=\"none\">pour la politique mon\u00e9taire.<\/span><\/li>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">Le gouverneur n<\/span><span data-contrast=\"none\">e demande<\/span><span data-contrast=\"none\"> pas de sc\u00e9nario<\/span><span data-contrast=\"none\">s<\/span><span data-contrast=\"none\"> sp\u00e9cifique<\/span><span data-contrast=\"none\">s<\/span><span data-contrast=\"none\">, une<\/span><span data-contrast=\"none\"> impr\u00e9cision<\/span><span data-contrast=\"none\"> potentiellement tr\u00e8s lourde de cons\u00e9quences<\/span><span data-contrast=\"none\">. En effet,<\/span><span data-contrast=\"none\"> de nombreux sc\u00e9narios climatiques \u2013 y compris ceux du <\/span><span data-contrast=\"none\"><u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/02\/15\/ngfs-needs-to-revise-scenarios-to-avoid-climate-inaction\/\" target=\"_blank\" rel=\"noopener noreferrer\">Network For Greening the Financial System (NGFS)<\/a><\/u><\/span><span data-contrast=\"none\"> qui r\u00e9unit les banques centrales &#8211; reposent sur des <\/span><span data-contrast=\"none\"><u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2020\/10\/06\/memo-climate-scenarios-5-traps-to-avoid-to-keep-global-warming-under-1-5c\/\" target=\"_blank\" rel=\"noopener noreferrer\">hypoth\u00e8ses irr\u00e9alistes<\/a><\/u><\/span><span data-contrast=\"none\">, particuli\u00e8rement en mati\u00e8re d\u2019\u00e9missions n\u00e9gatives.<\/span> <span data-contrast=\"none\">Pour garantir un alignement r\u00e9el<\/span><span data-contrast=\"none\"> avec les objectifs de l\u2019Accord de Paris<\/span><span data-contrast=\"none\">, <\/span><b><span data-contrast=\"none\">le Gouverneur devrait <\/span><\/b><b><span data-contrast=\"none\">\u00eatre pr\u00e9cis dans <\/span><\/b><b><span data-contrast=\"none\">s<\/span><\/b><b><span data-contrast=\"none\">es demandes<\/span><\/b><b><span data-contrast=\"none\"> et imposer <\/span><\/b><b><span data-contrast=\"none\">une trajectoire <\/span><\/b><b><span data-contrast=\"none\">de <\/span><\/b><b><span data-contrast=\"none\">1.5\u00b0<\/span><\/b><b><span data-contrast=\"none\">C <\/span><\/b><b><span data-contrast=\"none\">comprenant<\/span><\/b><b> <\/b><b><span data-contrast=\"none\">un faible niveau d\u2019\u00e9missions n\u00e9gatives (2)<\/span><\/b><span data-contrast=\"none\">. <\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><b><span style=\"color: #59bc6d;\" data-contrast=\"none\">L\u2019oubli des op\u00e9rations de refinancement <\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">Au-del\u00e0 des lacunes d\u00e9crites pr\u00e9c\u00e9demment, <\/span><b><span data-contrast=\"none\">le Gouverneur laisse de c\u00f4t\u00e9 une question importante\u202f: comment la BCE peut-elle contribuer au financement de<\/span><\/b><b> <\/b><b><span data-contrast=\"none\">la transition <\/span><\/b><b><span data-contrast=\"none\">europ\u00e9enne ?<\/span><\/b><b> <\/b><span data-contrast=\"none\">Il est ici question de contribuer au d\u00e9veloppement durable local<\/span><span data-contrast=\"none\">, <\/span><span data-contrast=\"none\">de concilier protection de l\u2019environnement et b\u00e9n\u00e9fices sociaux.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">En 2020, <\/span><b><span data-contrast=\"none\">les principaux groupes bancaires fran\u00e7ais ont emprunt\u00e9s <\/span><\/b><b><span data-contrast=\"none\"><u><a href=\"https:\/\/www.lesechos.fr\/finance-marches\/banque-assurances\/les-banques-francaises-ont-profite-des-prets-geants-de-la-bce-en-2020-1291152\" target=\"_blank\" rel=\"noopener noreferrer\">379 milliards<\/a><\/u><\/span><\/b><b><span data-contrast=\"none\"> \u00e0 taux n\u00e9gatifs \u00e0 la BCE<\/span><\/b> <span data-contrast=\"none\">via<\/span> <span data-contrast=\"none\">s<\/span><span data-contrast=\"none\">es op\u00e9rations de refinancement de long terme (TLTRO III). <\/span><span data-contrast=\"none\">Ils ont ainsi enregistr\u00e9 <\/span><b><span data-contrast=\"none\">des centaines de millions d\u2019euros de b\u00e9n\u00e9fices tout en finan\u00e7ant tout et n\u2019importe <\/span><\/b><b><span data-contrast=\"none\">quoi\u202f:<\/span><\/b><span data-contrast=\"none\"> aucune contrainte ne leur a \u00e9t\u00e9 pos\u00e9<\/span><span data-contrast=\"none\">e<\/span><span data-contrast=\"none\"> pour orienter cet argent vers la transition \u00e9cologique. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">Si la BCE a indiqu\u00e9 que cette mesure visait \u00e0 faciliter le financement des TPE et PME, rien ne permet de suivre \u00e0 qui ont \u00e9t\u00e9 attribu\u00e9 les pr\u00eats financ\u00e9s <\/span><span data-contrast=\"none\">gr\u00e2ce<\/span><span data-contrast=\"none\"> aux \u00ab\u202fdons\u202f\u00bb de la banque centrale. <\/span><span data-contrast=\"none\">Or, les mod\u00e8les bancaires font qu\u2019il <\/span><span data-contrast=\"none\">apparait <\/span><span data-contrast=\"none\">moins risqu\u00e9 d\u2019accorder un pr\u00eat \u00e0 une grande entreprise qu\u2019\u00e0 une TPE\/PME, raison pour laquelle <\/span><span data-contrast=\"none\">certains <\/span><span data-contrast=\"none\">\u00e9tat<\/span><span data-contrast=\"none\">s \u2013 dont la France &#8211; ont<\/span> <span data-contrast=\"none\">d\u00e9cid<\/span><span data-contrast=\"none\">\u00e9<\/span><span data-contrast=\"none\"> de<\/span> <u><a href=\"https:\/\/www.tresor.economie.gouv.fr\/Articles\/2020\/04\/03\/covid-19-pret-garanti-par-l-etat-mode-d-emploi\"><span data-contrast=\"none\">garantir <\/span><span data-contrast=\"none\">certains<\/span><span data-contrast=\"none\"> pr\u00eats<\/span><\/a><\/u><span data-contrast=\"none\"> accord\u00e9s <\/span><span data-contrast=\"none\">\u00e0 ces<\/span><span data-contrast=\"none\"> entreprises<\/span><span data-contrast=\"none\"> durant la crise<\/span><span data-contrast=\"none\">. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">Face \u00e0 ce constat, une \u00e9vidence s\u2019impose\u202f: <\/span><b><span data-contrast=\"none\">les op\u00e9rations de refinancement de long terme <\/span><\/b><b><span data-contrast=\"none\">(TLTRO) <\/span><\/b><b><span data-contrast=\"none\">doivent \u00eatre conditionn\u00e9es au financement de la transition \u00e9cologique<\/span><\/b><span data-contrast=\"none\">. <\/span><span data-contrast=\"none\">Ce \u00ab\u202f<\/span><span data-contrast=\"none\"><u><a href=\"http:\/\/www.positivemoney.eu\/wp-content\/uploads\/2020\/09\/Green-TLTROs.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">TLTRO\u202fvert<\/a><\/u><\/span><span data-contrast=\"none\"> \u00bb<\/span><span data-contrast=\"none\"> pourrait permettre le financement de la r\u00e9novation \u00e9nerg\u00e9tique partout en Europe, et ainsi <\/span><span data-contrast=\"none\">contribu<\/span><span data-contrast=\"none\">er \u00e0 l\u2019atteinte d\u2019une <\/span><span data-contrast=\"none\">des <\/span><span data-contrast=\"none\">priorit\u00e9<\/span><span data-contrast=\"none\">s<\/span><span data-contrast=\"none\"> \u00e9cologique<\/span><span data-contrast=\"none\">s<\/span><span data-contrast=\"none\"> de l\u2019Union aux <\/span><span data-contrast=\"none\">impact<\/span><span data-contrast=\"none\">s socia<\/span><span data-contrast=\"none\">ux<\/span><span data-contrast=\"none\"> tr\u00e8s positi<\/span><span data-contrast=\"none\">fs<\/span><span data-contrast=\"none\">. <\/span><\/p>\n<p style=\"text-align: justify;\"><b><span style=\"color: #59bc6d;\" data-contrast=\"auto\">A<\/span><\/b><b><span style=\"color: #59bc6d;\" data-contrast=\"auto\">ller plus loin<\/span><\/b><b><span style=\"color: #59bc6d;\" data-contrast=\"auto\"> i<\/span><\/b><b><span style=\"color: #59bc6d;\" data-contrast=\"auto\">mm\u00e9diatement<\/span><\/b><b><span style=\"color: #59bc6d;\" data-contrast=\"auto\">, une obligation<\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><b><span data-contrast=\"auto\">Pour la BCE, a<\/span><\/b><b><span data-contrast=\"auto\">ttendre n<\/span><\/b><b><span data-contrast=\"auto\">\u2019est<\/span><\/b><b><span data-contrast=\"auto\"> pas seulement irresponsable, c<\/span><\/b><b><span data-contrast=\"auto\">\u2019est<\/span><\/b><b><span data-contrast=\"auto\"> aussi abandonner son mandat de stabilit\u00e9<\/span><\/b><b> <\/b><b><span data-contrast=\"auto\">des prix dont la lutte contre le changement climatique est <\/span><\/b><b><span data-contrast=\"none\"><u><a href=\"https:\/\/sustainablefinancelab.nl\/en\/every-avenue-available-lessons-from-monetary-history-for-tackling-climate-change\/\" target=\"_blank\" rel=\"noopener noreferrer\">une condition pr\u00e9alable<\/a><\/u><\/span><\/b><b><span data-contrast=\"auto\"> \u00e0 la r\u00e9alisation<\/span><\/b><span data-contrast=\"auto\">. Le Gouverneur de la Banque centrale n\u00e9erlandaise, <\/span><a href=\"https:\/\/sustainablefinancelab.nl\/en\/every-avenue-available-lessons-from-monetary-history-for-tackling-climate-change\/\"><span data-contrast=\"none\">Klaas<\/span> <span data-contrast=\"none\">Knot<\/span><\/a><span data-contrast=\"auto\">, indiquait <\/span><span data-contrast=\"auto\">ainsi <\/span><span data-contrast=\"auto\">qu<\/span><span data-contrast=\"auto\">\u2019\u00ab<\/span><span data-contrast=\"auto\">\u202fun climat stable peut \u00eatre consid\u00e9r\u00e9 comme une condition pr\u00e9alable importante pour que les banques centrales soient en mesure de remplir leur mandat.\u202f\u00bb <\/span><\/p>\n<p style=\"text-align: justify;\"><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">Des <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"><a href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2020\/11\/Open-Letter-to-the-ECB-Governing-Council-November-19th-2020.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><u><span style=\"color: #8ac56b;\">mesures imm\u00e9diates<\/span><\/u><\/a><\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\"> peuvent et doivent \u00eatre prises<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">.<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">L<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">e Gouverneur de la Banque de France <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">doit <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"><a href=\"https:\/\/actions.sumofus.org\/a\/m-le-gouverneur-de-la-banque-de-france-demandez-a-la-bce-d-exclure-les-pollueurs-une-bonne-fois-pour-toute\" target=\"_blank\" rel=\"noopener noreferrer\"><u><span style=\"color: #8ac56b;\">demander leur adoption<\/span><\/u><\/a><\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">, <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">tout en renfor\u00e7ant <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">ses propositions <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">de moyen<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">terme <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\"><span style=\"color: #8ac56b;\">pour qu\u2019elles permettent un<\/span>e d\u00e9carbonation compl\u00e8te des op\u00e9rations de la <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">BCE et fasse<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">nt<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\"> de celle-ci un soutien des objectifs climatiques europ\u00e9ens<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"auto\">.<\/span><\/b><\/p>\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-top:2px;--awb-border-right:2px;--awb-border-bottom:2px;--awb-border-left:2px;--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\"><p><u>Notes<\/u><\/p>\n<p>(1) Notamment :<\/p>\n<ul>\n<li>L\u2019exclusion de toutes les entreprises qui d\u00e9veloppent de nouveaux projets d\u2019\u00e9nergies fossiles ;<\/li>\n<li>L\u2019exclusion de toutes les entreprises des \u00e9nergies fossiles qui n\u2019adoptent pas de plan de sortie du charbon d\u2019ici 2030 en Europe\/OCDE et 2040 partout dans le monde ;<\/li>\n<li>L\u2019exclusion de toutes les entreprises des \u00e9nergies fossiles qui n\u2019adoptent pas de plan de sortie du p\u00e9trole et gaz d\u2019ici 2040 en Europe\/OCDE et 2050 partout dans le monde ;<\/li>\n<li>L\u2019exclusion de toutes les entreprises qui tirent plus de 5 % de leur chiffre d\u2019affaire des hydrocarbures non conventionnels.<\/li>\n<\/ul>\n<p>(2) Les \u00e9missions n\u00e9gatives comprennent la capture et le stockage de CO2 (CSC), les bio\u00e9nergies avec capture et stockage de CO2 (BECSC), la compensation carbone et les \u00ab\u202fsolutions naturelles\u202f\u00bb (\u00ab\u202fNature-Based Solutions\u202f\u00bb ou NBS) comme l\u2019afforestation. Une attention particuli\u00e8re doit \u00eatre accord\u00e9s aux \u00e9missions li\u00e9es au BECSC et \u00ab\u202faux solutions naturelles\u202f\u00bb. Celle-ci ne devrait jamais d\u00e9passer respectivement 5 et 3.6 GT\/an en 2050.<\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":3203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[42,74,582],"acteurs_financiers":[2403],"thematique":[2415],"webinar_type":[],"programme":[],"class_list":["post-8907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-bce","tag-banque-de-france","tag-europe","acteurs_financiers-regulateurs-fr","thematique-energies-fossiles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Banque de France : quelle position sur la d\u00e9carbonisation de la BCE ? - Reclaim Finance<\/title>\n<meta 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