The European Central Bank has trimmed the carbon intensity of its 385-billion-euro stash of corporate bonds but the dwindling of purchases is slowing its progress, an ECB report showed on Thursday.
ECB President Christine Lagarde has made incorporating climate consideration into monetary policy a goal of her tenure, even asIn its first such disclosure, the ECB said the carbon intensity - a measure that relates a company's emissions to its revenues and the size of the investment - of its new purchases of corporate credit had more than halved since it adopted a "green tilt" in picking bonds late last year.
But the ECB has been steadily cutting the volume of its bond-buying in its effort to curb inflation, meaning the new, greener purchases were hardly making a difference in the overall stock of bonds accumulated over several years. The ECB stopped buying bonds last year and is now replacing only some of those that mature, with a view to ending those reinvestments altogether, possibly as soon as July.
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