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

金融2024-06-01-欧洲央行还***

AI智能总结

Climate-Related Financial Disclosures of Eurosystem Assets

The European Central Bank (ECB) has released a comprehensive report detailing the climate-related financial disclosures for its assets held for monetary policy purposes, including those under the asset purchase program (APP) and the pandemic emergency purchase program (PEPP), as well as its foreign reserves. This marks a significant advancement in transparency, providing insights into the climate impact of the Eurosystem's portfolios.

Key Findings

Scope Expansion: The report now encompasses a total nominal value of €4,486 billion in financial assets, representing 99.7% of the total assets held for monetary policy purposes under the APP and PEPP. This represents a substantial expansion from the previous year's disclosure, focusing solely on corporate bonds.

Methodological Enhancements: New metrics and guidelines have been introduced, particularly concerning the inclusion of non-sovereign issuers' scope 3 emissions. Additionally, for sovereign issuers, emissions are reported considering the effects of land use, land-use change, and forestry (LULUCF).

Economic Impact of Climate Change: The report underscores the potential disruptions to macroeconomic indicators such as inflation, output, employment, interest rates, investment, productivity, financial stability, and monetary policy transmission due to climate change and transition policies.

Decarbonization Efforts:

Eurosystem Holdings: Euro area sovereign bond holdings have shown a gradual reduction in emissions, reflecting the decarbonization efforts of euro area governments aimed at aligning with the Paris Agreement and EU climate neutrality goals.
Corporate Sector Portfolios: In 2022, the corporate sector portfolios witnessed a more rapid reduction in emissions compared to the previous year, driven by issuer-level actions and the ECB's strategic tilting of reinvestments towards issuers with better climate performance.

ECB's Foreign Reserves: The disclosures also cover the ECB's foreign reserves, highlighting a decarbonization path for sovereign bond holdings in USD, JPY, and CNY.

Conclusion

This report serves as a pivotal step towards increased transparency and understanding of the climate risks and carbon footprints associated with the Eurosystem's assets. By enhancing the scope and detail of its disclosures, the ECB is contributing to the broader global effort to combat climate change and support the transition to a low-carbon economy. The focus on expanding transparency and incorporating new methodologies indicates a proactive approach to addressing climate-related financial risks within the context of the ECB's mandate.

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

June2024 Climate-relatedfinancialdisclosuresofEurosystemassetsheldformonetarypolicypurposesandoftheECB’sforeignreserves Contents Foreword2 1Introduction4 2Governance7 2.1GeneralgovernanceaspectsrelatedtotheAPPandPEPP7 2.2GovernanceaspectsrelatedtotheECB’sforeignreserves8 3Strategy9 3.1GeneralstrategyaspectsrelatedtotheAPPandPEPP9 3.2Strategyaspectsrelatedtocorporateholdings10 3.3StrategyaspectsrelatedtotheECB’sforeignreserves12 4Riskmanagement14 4.1Generalriskmanagementaspects14 4.2RiskmanagementaspectsrelatedtotheAPPandPEPP17 4.3RiskmanagementaspectsrelatedtotheECB’sforeignreserves19 5Metricsandtargets20 5.1APPandPEPPholdings21 5.2TheECB’sforeignreserves38 Annexes44 Annex144 Annex245 Annex346 Annex448 Annex549 Annex651 Foreword Astheclimatecrisisunfolds,climate-relateddisastersarebecomingmorefrequentandmoresevere.ThelatestevidencefromtheIntergovernmentalPanelonClimateChangeshowsthatweareonapathtowardsglobalheatingof3°C.Combatingclimatechangerequiresevermoredeterminationintheseuncertaintimes.Mitigatingtherisksbutalsopreparingfortheinevitableeffectsarekeyforthefutureresilienceofourcontinent.Whileelectedgovernmentsareprimarilyresponsibleforimplementingappropriatepoliciestoaddressclimatechange,weallhavearoletoplay. AttheECB,thismeansactingwithinourmandate.Tofulfilourprimaryobjectiveofpricestability,weneedtounderstandtheimpactsofclimatechangeandthegreentransitionaswellasmanagetherelatedrisks.Inaddition,andwithoutprejudicetoourprimarymandate,wemustcontinuetosupporttheEuropeanUnion’sobjectives. Oneoftheactionswehavetakenistobemoretransparentabouttheclimate-relatedrisksandthecarbonfootprintofourfinancialportfolios.Byincreasingtheavailabilityofclimate-relatedinformationoncentralbankingactivities,wealsosupportwidereffortsbyregulatorsandotherstakeholderstoclosetheclimatedataandreportinggap,ataskthatisvitalfortacklingthisglobalchallenge. Thisisoursecondreportonthecarbonfootprintofthecorporatesectorassetsweholdformonetarypolicypurposes.Itallowsustotracktheemissionreductionprocessandconfirmsthatourcorporatesectorportfoliosreducedemissionsmorequicklyin2022comparedwiththepreviousyear,withgreaterissuercarbonefficiencybeingthestrongestdriver.ThedataonEurosystemholdingsfor2023pointstowardscontinuedprogress.Overall,thetiltingframeworkappliedtocorporatesectorportfoliosaccountedforaroundone-fifthofourtotalemissionreductionin2022and2023.TheeffectivenessofthistiltingapproachwasconfirmedinourformalreviewinOctober2023,whichconcludedthatthetiltingframeworkremainedadequateandwasdeliveringtheintendedresults. Beyondtrackingtheprogressmadeonreducingthecarbonfootprintofourcorporateportfolios,thisreportalsodeliversonourcommitmenttoenhancetransparency.Inthisreport,wepublishforthefirsttimethecarbonfootprintsoftheEurosystem’spublicsectorandcoveredbondportfoliosheldformonetarypolicypurposes.Byexpandingthescopeofdisclosuresfromcorporatesectorassetstoencompasstheseportfolios,wenowdiscloseclimate-relatedinformationforover99%oftheEurosystem’sassetsheldformonetarypolicypurposesundertheassetpurchaseprogrammeandthepandemicemergencypurchaseprogramme.Inaddition,thereportnowcontainsasectionontheECB’sforeignreserves.Theavailabledataalsopointtowardsagradualreductioninemissionsfortheseinvestmentclasses. TheEurosystemremainscommittedtoimprovingthequalityofourdisclosuresinlinewithimprovementsinclimate-relateddataandregulation.Withinourmandate,wewillalsocontinuetoreducethecarbonfootprintofourcorporateportfoliosonapaththatsupportsthegoalsoftheParisAgreement.However,wecannoteffectchangealone. Toreducethecarbonfootprintofourportfolio,inparticularforpublicsectorassets,wedependonissuersdeliveringoncommitmentstolowertheirassociatedemissions. Ultimately,actionneedstobetakenatissuerlevelfortheeconomytodecarbonise.Thisiswhatmattersmosttoputtheworldontracktowardsnetzerocarbonemissions. FrankfurtamMain,June2024ChristineLagarde President 1Introduction Thisreportpresentstheclimate-relatedfinancialdisclosuresfortheEurosystem’sassetsheldformonetarypolicypurposesandfortheECB’sforeignreserves. TheprimaryobjectiveoftheECBistomaintainpricestabilityintheeuroarea,targetinganinflationrateof2%overthemediumterm.Macroeconomicandfinancialmarketdisruptionlinkedtoclimatechangeandtransitionpoliciescanaffecttheoutlookforpricestabilityowingtotheirimpactonoureconomy.Ahostofmacroeconomicindicatorscanbeaffected,suchasinflation,output,employment,interestrates,investment,productivity,financialstabilityandthetransmissionofmonetarypolicy.Moreover,climatechangeandtransitionpoliciesaffectthevalueandtheriskprofileoftheassetsheldontheEurosystem’sbalancesheet,potentiallyleadingtoanundesirableaccumulationofclimate-relatedfinancialrisks. Inaddition,andwithoutprejudicetotheprimaryobjectiveofpricestability,theECBmustsupportthegeneraleconomicpoliciesintheEuropeanUnionwiththeaimofcontributingtotheachievementoftheUnion’sobjectivesaslaiddowninArticle3oftheTreatyonEuropeanUnion. TheECB’sclimateworkfocusesonthreemainobjectives:managingclimate-relatedrisks;supportingthegreentransitionusingmeasureswithinitsmand

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Key Findings

Conclusion

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