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Tag Archives: European Green Deal

Accounting for climate policies in Europe’s sovereign debt market

Sovereign debt will be vital in stimulating sustainable investment, but information is lacking on how green public spending actually is. The authors are grateful for very helpful comments from Moritz Krämer, Patrice Cochelin and Paul Munday in the context of a related project, undertaken with Stavros Zenios. International debt investors increasingly demand assets that are aligned with environmental, social and governance objectives. Sovereign debt is being belatedly swept up in this...

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Form a climate club: United States, European Union and China

If the three biggest economies agree a carbon tax on imports, it will catalyse climate action globally. This article was originally published on Nature. Copyright remains with Nature at all times. The United States, the European Union and China together emit half of the world’s greenhouse gases. They must come together to cut domestic emissions and levy a carbon tax on imports. That would incentivize all nations to cut their emissions.

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Carbon price floors: an addition to the European Green Deal arsenal

As the European Union sets out a more ambitious climate policy, carbon price floors provide an opportunity to place greater emphasis on altering expectations, so that market agents anticipate today higher future pay-offs from low-carbon investment. This year will be decisive for Europe’s climate policy, with a wide range of new legislation promised to align current EU climate and energy policies with a new emissions reduction target of 55% by 2030. The reform of the backbone of the EU climate...

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Can central banks save the planet?

“We are not going to lead our society to a low-carbon economy by continuing to finance the status quo. “ Central bankers now seem keen to take on responsibility for policy objectives they have previously shied away from – in particular, tackling climate change. European Central Bank President Christine Lagarde acknowledged in January that central bankers will have to look beyond their traditional duties to address the challenge. ECB Executive Board Member Isabel Schnabel said in September...

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A brown or a green European Central Bank?

The European Central Bank portfolio is skewed towards the brown economy, reflecting a bias in the market. Can and should the bank deviate from the market allocation? Climate change is a hotly debated issue in the European Central Bank’s ongoing strategy review. While ECB president Christine Lagarde and her colleagues at the centre favour robust tools to tackle climate change, most national central bank governors (like their colleagues at the US Fed) seem to be against including climate...

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The geopolitical repercussions of the European Green Deal

EU policymakers need to wake up to the consequences abroad of domestic decisions. The European Green Deal is a plan to decarbonise the EU economy by 2050, revolutionise the EU’s energy system, profoundly transform the economy and inspire efforts to combat climate change. But the plan will also have profound geopolitical repercussions and is likely to impact partner countries adversely. In the latest paper co-written by Bruegel and the European Council on Foreign Relations, the authors map...

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A green industrial policy for Europe

A ‘green industrial policy’ able to promote economic growth, job creation and environmental goals altogether will be fundamental to Europe’s climate change ambitions. The European Green Deal aims to make Europe the first climate-neutral continent by 2050. This is not going to be an easy journey. To be successful, the European Green Deal will have to foster major shifts in the European industrial structure, including transitions from fossil fuels to renewable energy and from combustion engine...

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Green transformation: a Polish perspective

A conversation on green recovery with the Polish Minister of Climate and Environment, Michał Kurtyka Poland is sometimes characterised as the black sheep of EU climate policy: in 2019, more than 70 percent of the country’s electricity was generated by coal. In the meantime, it is closing down coal mines and discussing building a nuclear power plant in order to diversify its energy supplies. What is Poland’s climate policy and how is it evolving? Is the idea of Poland’s characterisation as a...

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A green industrial policy for Europe

This Blueprint examines how the European Union can develop a coherent green industrial policy that will serve the goals of the European Green Deal. This Blueprint has been produced with the financial support of the European Climate Foundation. The European Green Deal aims to make Europe the first climate-neutral continent by 2050. This is not going to be an easy journey. To be successful, the European Green Deal will have to foster major shifts in the European industrial structure,...

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The political economy of climate transition

Climate transition is hotly debated in EU circles as it impacts all areas of policy: from the ambitious climate targets set by the President of the European Commission with the European Green Deal, to the discussions of the next budget of the Union and the recovery plan from the current pandemic. The topic is especially important for 2021 with a new US administration more likely to engage on climate change, a commitment for carbon neutrality in 40 years by China and the delayed COP26 under...

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