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Frank van Lerven @Frank_vanlerven
, 6 tweets, 3 min read Read on Twitter
NEWS 🔥🔥🔥: In a letter to the @FT, 60 academics call on @bankofengland to lead by example and become the 1st European central bank to decarbonise its monetary operations- by integrating climate criteria into its collateral frameworks & asset purchases.👊 on.ft.com/2QB7CrQ
1/ "The @bankofengland collateral framework and asset purchases are extremely powerful and reverberate throughout the rest of the financial sector — affecting financial market prices and capital allocation more widely...
2/ When the BoE purchases assets or accepts them as collateral, their yields are lowered compared to other comparable ineligible assets. The current structure of asset purchase programmes and collateral frameworks create better financing conditions fossil fuel sectors.
3/ This inherent bias creates an implicit subsidy for fossil fuel sectors and the corporates dependent on them, further exacerbating our economy's carbon lock-in and exposing the @bankofengland to climate related financial risks it warns about.
4/ Given recent IPCC report, the @bankofengland needs to continue its commendable work as a global pioneer in this field — not just as a thought leader, but through the action it takes. It needs to decarbonise its balance sheet, and integrate climate criteria into its operations"
5/ Here is an accompanying blog :)
neweconomics.org/2018/11/the-ba…
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