MEPs call on ECB to take action on climate crisis

MEPs have called for the European Central Bank (ECB) to better align its policies with the Paris Agreement on climate.

Legislators in Strasbourg endorsed, with 452 votes in favour, a report which said that climate action is part of the EU central bank’s mandate and it should reflect the fact it is bound by the Paris Agreement in its policies. 

The parliament, in a response to the bank’s 2018 annual report, called on the ECB to “implement the environmental, social and governance principles into its policies”.

The resolution, led by centre-left S&D group member Costas Mavrides, said the parliament was “concerned” that “62.1 % of ECB corporate bond purchases take place in the sectors that are responsible for 58.5 % of euro area greenhouse gas emissions” and called on the bank to conduct a study investigating the impact of its asset purchase programmes on climate change and redesign its corporate sector purchase programme to better support environmentally sustainable initiatives. 

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