The European Central Bank (ECB) today published for the fourth time a set of climate-related financial disclosures. They provide an overview of the carbon footprint and climate-related risks of the Eurosystem’s monetary policy portfolios, the ECB’s foreign reserves and the ECB’s non-monetary policy portfolios, which include its staff pension fund and own funds portfolio.
Emissions associated with the Eurosystem’s monetary policy portfolios and the ECB’s foreign reserves continued to decline in absolute terms, which was mainly driven by the ongoing run-off of these portfolios, which declined by 13% in 2025.
The Eurosystem remained on track in 2025 to meet its interim emissions reduction targets, set on a relative carbon intensity basis, for the corporate bonds it holds for monetary policy purposes, on a path that supports the goals of the Paris Agreement and the EU’s climate neutrality objectives. However, the run-off means that the ECB cannot keep tilting reinvestments towards issuers with better climate performance, so further emissions reductions will depend on issuers themselves taking action to reduce their emissions.
To further improve transparency, the ECB is reporting a s
Fuente original: Banco Central Europeo (https://www.ecb.europa.eu//press/pr/date/2026/html/ecb.pr260615~92388776dd.en.html)