European Central Bank Loves Fossil Fuels

The European Central Bank is buying plenty of bonds to keep interest rates low. The amount of their purchases are huge… they have used several trillions of Euros of our money to by these bonds without any clear strategy to reduce greenhouse gas emissions.

Banks and governments are still miles away from adhering to clearly defined regulations foe reducing these greenhouse emissions. Banks and their clients are huge beneficiaries of these bond purchases that keep interest rates near or even below zero! 

The governing body European Central Bank (ECB) this week said that they would not adhere to such a policy for the time being.

The Financial Times (FT 21.2.2021) reported: “there was limited enthusiasm for the most ambitious policy ideas, a widespread reluctance for the central bank to take the lead on tackling environmental issues with a preference for leaving that to governments, according to three council members.”

The Finnish government is a member of the Eurozone and is committed to policies to reduce greenhouse gases.

The ECB should not be permitted to ignore the opinion of the Eurozone’s populations – the destruction of our climate should not be something that the EBC can continue to ignore.

Recent comments from the Bank’s head are in conflict with reality:

“Through our strategy review, we will determine where and how the issue of climate change and the fight against climate change can actually have an impact on our policies.”Christine Lagarde, President of the ECB 

Photo: CC-BY-4.0: © European Union 2020 – Source: EP.

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