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28 January 2025
Stability Through Sustainability
The "Stability Through Sustainability" manifesto, that we developed in collaboration with 40 European civil society organisations, outlines the urgent need for the ECB to integrate ambitious climate action into its monetary policy framework. It argues that a healthy planet is essential for a stable economy and that the ECB has a critical role to play in driving the green transition.
The manifesto, signed by a diverse coalition of civil society organizations and experts, highlights the growing risks posed by climate change and nature degradation to the financial system. It emphasizes that the ECB's current approach does not adequately address these risks and calls for a more proactive role in the green transition. Key recommendations include:
Green refinancing operations: Incentivising banks to lend to sustainable projects.
Updated collateral framework: Excluding environmentally harmful assets from ECB collateral.
Shifting asset purchases: Prioritising investments in sustainable companies.
The manifesto argues that by effectively addressing environmental risk, the ECB can better fulfill its primary mandate of maintaining price stability while contributing to a sustainable future.
