Economics
ECB’s Brown Bonds Draw Criticism Once Again Amid Stimulus Boost
Photographer: Arne Dedert/AFP via Getty Images
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The European Central Bank is coming under renewed pressure to clean up its environmental act, with a report on Monday highlighting that polluting companies account for 63% of its corporate-asset purchases.
According to analysis from Reclaim Finance, the ECB bought bonds from 38 fossil fuel-related businesses, including 10 that are active in the coal sector and four specializing in shale oil and gas. The group called on the central bank to align its bond holdings with European objectives to make the continent the first climate-neutral region by 2050.