The fraction of bonds issued by carbon intensive companies in the ECB’s CSPP portfolio and accepted as collateral is far larger than the GVA of these companies, see e.g. Matikainen (figure 3) or Dafermos (figure 4).
Paris Agreement, Article 2, 1(c): This Agreement, in enhancing the implementation of the Convention, including its objective, aims to strengthen the global response to the threat of climate change, in the context of sustainable development and efforts to eradicate poverty, including by: Making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.
There is a discussion going on about how climate change should influence centralbanking. The Veblen Institute and Positive Money Europe have published a study which shows that although the European Central Bank (ECB) has acknowledged its responsability, bonds issued by carbon intensive companies make up a large fraction of the corporate bonds held by the ECB.
Lobbyists are often mistrusted. Special interest groups use them to influence politicians.
However, what’s the alternative? Policy makers cannot know everything. They need input from industry and non-profit groups. Through personal contacts with officials and by publishing articles, lobbyists can get new ideas on the agenda.
Take the responsibility of central banks in the green transition to phase out carbon-based fuels.