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European Central Bank's Lagarde urges more green finance

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Christine Lagarde says the European Union would need to invest 290 billion euros ($340 billion) each year to meet its commitments under the 2015 Paris climate agreement.

"There is not enough finance going in the green direction," Lagarde told an online meeting of the United Nations Environment Finance Initiative.

"So what it calls for is more involvement, continued intervention, and support to correct market failures in green finance," she said.She welcomed countries that have issued green bonds – naming France,, Belgium, the Netherlands, and Lithuania – alongside the European Parliament's proposal to identify projects that could be awarded a green label.

The ECB describes green bonds as those"earmarked to finance investment projects with an environmental benefit," as opposed to bonds linked to carbon-intensive industries or other"brown" sectors that contribute to global warming. Hinting at a desire to pivot to greener agenda, Lagarde questioned whether"market neutrality should be the actual principle that drives our monetary policy portfolio management."

 

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