ECB's inaugural climate impact disclosures show increase in emissions

However, the increases across both its corporate and pandemic emergency purchase programme portfolios were attributed to the uptick in purchases to accommodate monetary policy rather than issuers' emissions. The ECB stated: "Although the portfolios' absolute greenhouse gas emissions have increased in recent years because the Eurosystem has purchased more securities for monetary policy purposes, issuers' carbon intensity has gradually declined." Elsewhere, the new disclosures showed that the Eurosystem corporate sector portfolios and ECB non-monetary policy portfolios were "on a decarb...