The European Central Bank wants to focus its active monetary policy more strongly on climate protection. For the years 2024 and 2025, the ECB has defined three priority areas: the impacts and risks of the green transition, the physical impacts of climate change and the economic risks posed by the loss and degradation of the environment.

To achieve these goals, the ECB has decided on a number of concrete measures, including intensifying research on the following topics: Costs and financing of the green transition, Impacts of extreme weather events on inflation and the financial system, Economic and financial impacts of environmental loss and degradation. The results of the analyses are to be incorporated into macroeconomic models and projections.

In addition, the ECB plans to introduce a new environmental management program within its own operations in order to achieve its climate goals as an institution. Among other things, environmental standards for the new euro banknote series and the digital euro will be developed as part of this program.