Lagarde’s green turn may not need to be that sharp Unmack1
The European Central Bank on July 8 presented an “action plan” to use climate change in its monetary policy operations.
The central bank said it was committed to expanding its analysis and modelling of climate factors and including them in its monetary policy in the areas of disclosure, risk assessment, collateral rules and corporate sector purchases. The bank will come up with a new framework for allocating how it buys corporate bonds, which will incorporate climate change criteria. Those will “include the alignment of issuers with, at a minimum, EU legislation implementing the Paris agreement through climate change-related metrics or commitments of the issuers to such goals.”
European bond funds that invest according to sustainable criteria oversaw 272 billion euros of assets in May, up from 139 billion euros at the end of 2018, Morningstar data shows.European Central Bank President Christine Lagarde addresses European lawmakers during a plenary session at the European Parliament in Brussels, Belgium, February 8, 2021.
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