欧洲央行为货币政策目的持有的欧洲系统资产和欧洲央行外汇储备的气候相关金融风险（英）

Contents Foreword 1Introduction 3Strategy10 3.1General aspects relating to the APP and PEPP3.2Strategic aspects relating to corporate holdings 13 4Risk management 4.1Integration of climate in general risk management4.2Risk management aspects related to the APP and PEPP 5Metrics and targets 19 5.1Eurosystem’s APP and PEPP holdings20 Box 1The inflation impact on climate metrics 5.2The ECB’s foreign reserves Annexes47 Foreword The economic and financial impacts of climate change and naturedegradationcontinue to pose risks for the Eurosystem’s primary objective of price stability.Growing evidence, including research conducted by the central banks of the At the same time, climate change and nature loss bring physical and transition risksfor our own balance sheet. We are firmly committed to addressing these risks, chieflyby decarbonising our monetary policy corporate bond portfolios and incorporating aclimate factor into our collateral framework. The latter will reduce the value that we This report is the fourth annual account of climate-related financial disclosures forthe Eurosystem’s monetary policy portfolios and the ECB’s foreign exchange We report on more than 99.9% of our monetary policy holdings, which amounted toalmost €3.6 trillion at the end of 2025. We also report on our fixed-income foreignreserves, which comprise roughly one-third of our €117 billion foreign reserve In 2025 we remained on track to meet the interim emission reduction targets for thecorporate investments in our monetary policy portfolios. These targets, based onWeighted Average Carbon Intensity (or WACI), are consistent with a path that This comes against the background of the run-off of our portfolios, which fell by 13%in nominal terms in 2025. Naturally, this means that the carbon emissions associatedwith these portfolios also decreased in absolute terms. However, the run-off of ourportfolio means that our ability to further reduce the WACI through tilting the The ECB is reporting, for the first time, a number of inflation-adjusted emissionsmetrics as a complement to the unadjusted metrics. This enhances transparencyand responds to growing evidence that traditional emission metrics–unadjusted for Beyond climate, it is vital that we continue to recognise the critical link betweennature and the economy. The ways in which nature degradation affects economies, For example, recent ECB analysisshows that water-related stress can triggercascading impacts across other ecosystems, with detrimental economic consequences. Recognising these risks, the Eurosystem is committed–within itsmandate–to factor in the implications of both climate change and nature Last year, we took a first step in our reporting by disclosing the exposure of ourportfolios to sectors with material impacts and dependencies on nature, as identifiedby the Taskforce on Nature-related Financial Disclosures (TNFD).We continue to This report is published against a backdrop of significant geopolitical turbulence–not least the war in the Middle East and the energy shock it triggered, driven by The risks posed by climate change and nature degradation sit at the heart of thattransition. The Eurosystem remains focused on delivering on its mandate, and that Frankfurt am Main, June 2026Christine Lagarde Introduction Thisis thefourthreportonthe climate-related financial disclosuresofEurosystemassets held for monetary policy purposes andofthe foreign reservesheld by theEuropean Central Bank (ECB).1With this publication,webringgreater transparency Theprimaryobjectiveof theEuropean System of Central Banks (ESCB)is tomaintain price stability in the euro area, targeting an inflation rate of 2% over themedium term.Climate changeand nature degradationpose risks tothe euro areaeconomy and the financial sector. These risksandlow-carbontransition policies can In addition, and without prejudice toitsprimary objective of price stability, the ESCBsupportsthe general economic policies in the European Union(EU)with the aim ofcontributing to the achievement of theEU’sgoals andobjectives as laid down inArticle 3 of the Treaty on European Union.To this end, theECBGoverning Councilis committed, within its mandate,to ensuring that the Eurosystem fully takes into For its monetary policy operations, since the publication ofits climate action plan in2021the ECB has refined its assessment of climate and nature-related risks and hasfurther embeddedthoserisksinto its core work.Regarding its ownbalance sheetandthat ofthe Eurosystem, it has improved its risk management framework, Thisreportcontains climate-related financial disclosuresfor(i)the Eurosystem’spublic sector, corporate and covered bond holdings under the asset purchaseprogramme (APP) and the pandemic emergency purchase programme (PEPP),and(ii)the ECB’s foreign reserves (Figure2).It forms part of the ECB’s environmental The reporting on the APP and PEPPcoversalmost allof the financial assets held formonetary policypur