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