Video PlayerClose FRANKFURT, Jan. 25 (Xinhua) — The European Central Bank (ECB) on Monday announced decisions to set up a climate change center and to invest in Bank for International Settlements’ (BIS) green bond fund, underlining its commitment towards climate agenda. A climate change center is meant to bring together the work on climate issues in different parts of the central bank, the ECB said in a statement. “Climate change affects all of our policy areas,” ECB President Christine Lagarde was quoted as saying. This decision reflects the growing importance of climate change for the economy and the ECB’s policy, as well as the need for a more structured approach to strategic planning and coordination, the bank said. The new unit will consist of about ten staff working with existing teams across ECB and will report to Lagarde. It will become operational as of early 2021. In a separate statement on Monday, the ECB said it decided to use part of its own funds portfolio to invest in the euro-denominated green bond investment fund for central banks introduced by the Basel-based BIS. The BIS green bond fund invests in renewable energy production, energy efficiency and other environmentally friendly projects. The… Read full this story
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