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2021/11/18 / Erste Group Research

Green intentions facing hurdles

Last weekend, the 26th UN Climate Conference in Glasgow came to an end. The outcome can only be described as moderately successful: All that could be agreed upon was a phase-down rather than a phase-out of coal. However, this is unlikely to be enough to achieve the targets set in the Paris Climate Agreement.

In the meantime, there are discussions in the EU about whether or how nuclear power and natural gas could fit into the EU taxonomy framework. Here, security of supply must be weighed against climate protection. This is no easy task for the EU, given that the climate targets defined in the Green Deal are to be pursued jointly.

In any case, the ECB intends to take greater account of climate protection in its monetary policy: In addition to the climate stress test for banks planned for 2022, the topic of climate protection is also to be incorporated into macroeconomic models, statistical databases and purchase programs in the future.

In the credit market, the effects of the good 3Q reporting season and rising infection figures are currently neutralizing each other. Corporate spreads are moving sideways.

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General information

AuthorErste Group Research
Date2021/11/18
Languageen
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, Eurozone
Currency in focusEuro
Sector in focus-
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