In the Name of COVID-19: Is the ECB Fuelling the Climate Crisis?
Environ Resour Econ (Dordr)
; : 1-7, 2020 Jul 09.
Article
in English
| MEDLINE | ID: covidwho-637088
ABSTRACT
We offer preliminary evidence drawing on a novel dataset of corporate bonds issued in the European energy sector since January 2020 in combination with the European Central Bank's (ECB) purchases under the Pandemic Emergency Purchase Programme (PEPP) in response to COVID-19. We show that the likelihood of a European energy company bond to be bought as part of the ECB's programme increases with the greenhouse gas (GHG) intensity of the bond issuing firm. We also find weaker evidence that the ECB's PEPP portfolio during the pandemic is likely to become tilted towards companies with anti-climate lobbying activities and companies with less transparent GHG emissions disclosure. Our findings imply that, at later stages of the COVID-19 recovery, an in-depth analysis may be necessary to understand if, and if yes why, the ECB fuelled the climate crisis.
Full text:
Available
Collection:
International databases
Database:
MEDLINE
Language:
English
Journal:
Environ Resour Econ (Dordr)
Year:
2020
Document Type:
Article
Affiliation country:
S10640-020-00450-z
Similar
MEDLINE
...
LILACS
LIS