Reclaim Finance says European Central Bank supports 11 companies that plan to develop 62 new fossil fuel projects
The headquarters of the European Central Bank in Frankfurt, Germany. Picture: EPA
It is the latest sign of tension between the need to help economies during the coronavirus pandemic and longer-term ambitions to tackle global warming, after the Bank of England faced similar criticism in August. European leaders have said that they want the region’s recovery from the crisis to be a green one.
Market analysts say the ECB may buy more green government debt as issuance picks up, but will face challenges in balancing environmental concerns with the need to remain market neutral. Reclaim Finance said the ECB was avoiding climate-change reforms by referring to a “strategy review” that may not have any effect before 2022. Through its quantitative easing programme the ECB supports 11 companies that plan to develop 62 new fossil fuel projects, the group said.
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