In the Name of COVID-19: Is the ECB Fuelling the Climate Crisis?

Theodor Cojoianu, Edward Collins, Andreas Hoepner, Danny Magill, Thomas O'Neill, Fabiola Schneider

Research output: Contribution to journalArticlepeer-review

3 Citations (Scopus)
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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.
Original languageEnglish
Pages (from-to)447-517
Number of pages71
JournalEnvironmental and Resource Economics
Publication statusPublished - 27 Aug 2020


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