French governor calls for ECB to make radical carbon shift

François Villeroy de Galhau

Banque de France governor François Villeroy de Galhau has called on the European Central Bank to reduce its corporate bond portfolio’s exposure to carbon-emitting firms.   

“Let’s face it: the ECB’s balance sheet is ‘exposed’ to climate risk through the securities it purchases and the assets pledged as collateral by banks, to an extent that is insufficiently taken into account,” said Villeroy de Galhau in a speech on February 11. Netherlands Bank president Klaas Knot also called for the ECB to

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