'Decarbonising is easy' once you drop market neutrality:
new policy paper setting out what next after @ecb @Lagarde and @Isabel_Schnabel accepted 'market neutrality' means subsidising carbon intensive companies.
new policy paper setting out what next after @ecb @Lagarde and @Isabel_Schnabel accepted 'market neutrality' means subsidising carbon intensive companies.
https://twitter.com/michaelsteen/status/1318460479933657088
we dug into bond data to identify carbon bias of @ecb corporate bond purchases, a bias that reflects the problematic commitment to market neutrality:
half of outstanding bonds included in the
ECB list are issued by carbon-intensive sectors.
half of outstanding bonds included in the
ECB list are issued by carbon-intensive sectors.
how can ECB green its corporate bond purchase?
A lower-carbon list stops subsidies to fossil fuel companies.
A low-carbon list no longer subsidises carbon-intensive sectors.
A lower-carbon list stops subsidies to fossil fuel companies.
A low-carbon list no longer subsidises carbon-intensive sectors.
smashing video from our co-authors @Greenpeace - with reminder that we cant fight climate crisis with fiscal tools if central banks continue to subsidise dirty industries
https://twitter.com/Greenpeace/status/1318471483145048069?s=20
macrofinance take-home: while there is some greenwashing risk in our proposals for @ecb, main outcome would be penalising dirty activities.
A year ago, penalising dirty was unthinkable for central banks, then @Lagarde moved against 'market neutrality'
A year ago, penalising dirty was unthinkable for central banks, then @Lagarde moved against 'market neutrality'
https://twitter.com/DanielaGabor/status/1184536191640702976?s=20
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