The European Central Bank says it will give corporations climate scores before it buys their bonds and intends to prioritize those doing more to reveal and reduce greenhouse gas emissions.
Sunflowers blossom in front of the European Central Bank, right, in Frankfurt, Germany, Monday, Sept. 5, 2022. The ECB governing council will meet on Thursday.
The bank's primary mandate is not the environment but controlling inflation in the eurozone, a task that it is trying to achieve by. However, it can pursue other goals — such as supporting the general economic policies of the EU, which include fighting climate change — if that doesn't interfere with fighting inflation.
The bank specified that it would apply the climate criteria only to the proportion of bonds in its portfolio, not to the volume of its purchases, which would continue to be determined only by monetary policy considerations.
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