12 June 2025

• Carbon emissions continued to decline across most asset classes
• New indicator used to assess nature-related dependencies and impacts
• Tilting framework responsible for around one-quarter of emission reductions in Eurosystem’s monetary policy corporate bond holdings since 2021
• Quantitative interim emission reduction targets set for corporate bond holdings in APP and PEPP

The European Central Bank (ECB) today published its third set of climate-related financial disclosures. These provide an overview of the carbon footprint and climate risk exposures of the Eurosystem’s monetary policy portfolios, the ECB’s foreign reserves and the ECB’s non-monetary policy portfolios, which consist of its staff pension fund and its own funds portfolio.

To further improve transparency and reflect the strong links between nature loss and climate change, this year’s disclosures include a new indicator that measures the exposure of the ECB’s and the Eurosystem’s corporate portfolios…