Löchrige Fundamente des Europäischen Finanzsystem?

Die Europäische Zentralbank muss die schwindenden Zukunftsaussichten der fossilen Energiebranche in ihrer finanziellen Risikoanalyse berücksichtigen.

Soll das Ziel, die CO2 Emission in den nächsten Jahren soweit zu begrenzen, dass die globale Erwärmung im Durchschnitt unter zwei Grad Celsius bleibt, erreicht werden, ist ein konsequenter Umschwung in der Energiepolitik unerlässlich: weg von Kohle, Gas und Erdöl hin zu Erneuerbaren und Energieeffizienz.  Bleiben aber zwei Drittel der fossilen Energiereserven unter dem Boden, wie die internationale Energieagentur das als Voraussetzung für die Erreichung des Zwei Grad Ziels formuliert hat, dann verlieren entsprechende Investitionen einen Großteil ihres Wertes. Entsprechend sind dann Unternehmen, die auf solche Investitionen setzen, überbewertet. Das nennt man im englischen Sprachraum “Carbon Bubble”. In einer ersten Studie habe ich als Mitglied der Grünen Fraktion im Europaparlament untersuchen lassen mit, wie stark die Europäische Banken- und Versicherungsbranche in solche Unternehmen investiert hat. Die Resultate sind nicht beruhigend.

Daher fordern wir nun: Auch die Europäische Zentralbank muss im Rahmen ihres Jahresberichtes und der Analysearbeit des Europäischen Ausschusses für Systemrisiken (European System Risk Board – ESRB) die schwindenden Zukunftsaussichten der fossilen Energiebranche und deren Konsequenzen für die Stabilität des europäischen Finanz- und Wirtschaftssystems berücksichtigen. Einen Brief mit der entsprechenden Aufforderung habe ich zusammen mit Sven Giegold und unterzeichnet von vielen anderen Grünen im EP im Dezember letzten Jahres dem Präsidenten der Europäischen Zentralbank zukommen lassen. Ihr findet ihn hier. 


Volltext des Briefes


President Mario Draghi
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt, Germany

                                                                                                     Brussels, 9 December 2014

Dear President Draghi,

We are writing this letter with regards to the growing concern of a potential risk for an EU financial carbon bubble.

As the European Systemic Risk Board (ESRB) develops its 2015 annual report, we urge it to investigate how the exposure to high carbon investments might pose a systemic risk to our financial system and what the options might be for managing this potential threat. This follows the European Parliament resolution 2013/2175(INI) adopted on 29 January 2014, which requested such an assessment.

If we are serious about limiting global warming to 2 degrees Celsius, the majority of fossil fuel reserves must be kept firmly in the ground, which would turn them into stranded financial assets. McKinsey and the Carbon Trust have calculated that this could endanger more than 30-40% of company value. This could therefore have significant consequences for our financial system.

This so-called carbon bubble has been recognized by a variety of financial stakeholders. In October of this year, for example, your colleague Mark Carney, Governor of the Bank of England, stated that the vast majority of oil reserves must be considered unburnable if the world is to avoid catastrophic climate change.

In this context and with the background of the upcoming major climate conference in Paris in 2015, we ask you to look into this issue and dedicate a special chapter in the next ESRB annual report focusing on the potential systemic risks of a carbon bubble to the European financial system and identifying pathways for mitigating this risk. Given its significance over the long term, we hope that the ESRB can incorporate this research into its future work, with the appropriate expertise and personnel and kindly ask you to also request in your quality of ESRB President, and in conformity with article 12.3 of Regulation (EU) No 1092/2010, specific advice from the ESRB Advisory Scientific Committee on that matter.

We look forward to hearing from you in due course.

Yours sincerely,

Reinhard Bütikofer, Sven Giegold


UPDATE – Draghi’s Antwortschreiben vom 12.März


Mr Reinhard Bütikofer
Mr Sven Giegold
Members of the European Parliament
Groups of the Green/European Free Alliance

Parlement européen
60, rue Wiertz/Wiertzstraat 60
B-1047 Bruxelles/Brussel

Dear Mr Bütikofer, dear Mr Giegold, dear Members of the European Parliament,

I would like to thank you for your letter of 9 December 2014 which highlights your concerns on the long-term sustainability of investment involving fossil fuels reserves. I am aware of the increasing attention which this issue is encountering among environmental economists and the public at large.

As you probably know, the ESRB discussed this issue in early 2012, following a collective letter I recieved from high level representatives of the financial sector, members of academia, environmentalists and other stakeholders.

I agree with your suggestion to submit the issue to the new Advisory Scientific Committee, which is being nominated. As soon as the new Chair and Vice-Chairs will have been named, I will be in contact with them to make sure they would address the concerns you raised.

Yours sincerely
Mario Draghi

SCAN des Briefes


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