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ARTICLE · 16 MAY 2023

ECB Issues First Reports On Climate Impact Of Portfolios

Hogan Lovells Cadwalader
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The European Central Bank (ECB) has published its first climate-related financial disclosures.

European UnionGovernment, Public Sector

The European Central Bank (ECB) has published its first climate-related financial disclosures. The disclosures provide information on ECB portfolios, including detailing their carbon footprints and exposure to climate risks, and also discuss climate-linked governance and risk management. The disclosures are part of a Eurosystem-wide effort to increase transparency around the sustainability characteristics of European central bank portfolios.

The ECB issued the disclosures through two reports. A report on "Climate-related financial disclosures of the Eurosystem's corporate sector holdings for monetary policy purposes" covers corporate securities purchased for monetary policy purposes under the corporate sector purchase program (CSPP) and the pandemic emergency purchase programme (PEPP). An additional report on "Climate-related financial disclosures of the ECB's non-monetary policy portfolios" provides "quantitative and qualitative climate-related information about

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