Article: The ECB’s Decarbonization Plan for Corporate Bonds

Q2 Social Sciences

European Business Law Review Pub Date : 2024-02-01 DOI:10.54648/eulr2024010

Jolien De Troyer, Koen Bytebier

引用次数: 0

Abstract

This article explores the European Central Bank’s (ECB) pioneering approach to incorporating climate considerations into its monetary policy operations, using a climate scoring model. The ECB aims to reduce climate-related financial risks and encourage greener practices. The background section discusses the post-2015 Paris Agreement context and the ECB’s Climate Agenda, while highlighting the controversies surrounding its quantitative easing programs.The core of the article examines the ECB’s decarbonization strategy for corporate bonds, which involves a scoring model based on three sub-scores: backward-looking emissions, forward-looking targets, and climate reporting/disclosure. This model is expected to incentivize companies to reduce their carbon footprint and improve disclosures.The article concludes by emphasizing the ECB’s commitment to climate change mitigation but suggests a broader need for a reevaluation of the monetary system to prioritize public interest and address pressing global issues more effectively. Bonds, ECB, decarbonization, Climate Agenda, Eurosystem, climate scoring, monetary policy

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文章：欧洲央行的企业债券去碳化计划

本文探讨了欧洲中央银行（ECB）利用气候评分模型将气候因素纳入其货币政策操作的开创性方法。欧洲央行的目标是降低与气候相关的金融风险，鼓励更环保的做法。背景部分讨论了 2015 年后《巴黎协定》的背景和欧洲央行的气候议程，同时强调了围绕其量化宽松计划的争议。文章的核心部分研究了欧洲央行的公司债券去碳化战略，该战略涉及一个基于三个子评分的评分模型：后向排放、前瞻性目标和气候报告/披露。文章最后强调了欧洲央行对减缓气候变化的承诺，但也提出了对货币体系进行重新评估的广泛需求，以优先考虑公众利益，更有效地解决紧迫的全球问题。债券、欧洲央行、去碳化、气候议程、欧元体系、气候评分、货币政策

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Business Law Review Social Sciences-Law

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The mission of the European Business Law Review is to provide a forum for analysis and discussion of business law, including European Union law and the laws of the Member States and other European countries, as well as legal frameworks and issues in international and comparative contexts. The Review moves freely over the boundaries that divide the law, and covers business law, broadly defined, in public or private law, domestic, European or international law. Our topics of interest include commercial, financial, corporate, private and regulatory laws with a broadly business dimension. The Review offers current, authoritative scholarship on a wide range of issues and developments, featuring contributors providing an international as well as a European perspective. The Review is an invaluable source of current scholarship, information, practical analysis, and expert guidance for all practising lawyers, advisers, and scholars dealing with European business law on a regular basis. The Review has over 25 years established the highest scholarly standards. It distinguishes itself as open-minded, embracing interests that appeal to the scholarly, practitioner and policy-making spheres. It practices strict routines of peer review. The Review imposes no word limit on submissions, subject to the appropriateness of the word length to the subject under discussion.