ECB launches climate change unit
The European Central Bank (ECB) is launching a new climate change centre to coordinate its actions on tackling environmental issues.
Ten staff members are assigned to the new unit. It will work with other teams across the organisation. It reports directly to ECB president, Christine Lagarde.
The centre will shape and steer the ECB’s climate agenda internally and externally. The ECB says the group’s work ranges from monetary policy to prudential functions,
“Climate change affects all of our policy areas,” says Lagarde.
“The climate change centre provides the structure we need to tackle the issue with the urgency and determination that it deserves.”
The ECB president previously pledged to tackle climate change as a major part of the bank’s strategic review.
Campaigners have criticised the ECB for €248 billion in corporate bond purchases through to reinforce bias towards carbon emitters.
The climate change centre is due to start its work in early 2021.