Europe faces a large climate investment gap. To fill it, we propose the joint issuance of European climate bonds. These bonds would be funded by selling greenhouse gas emission allowances via the Emissions Trading System, extended to cover all sectors. Access to the resulting funds would be conditional on countries’ performance on the implementation of climate projects. European climate bonds would meet the demand for a safe, liquid and green asset, while accelerating climate investment, and increasing its resilience to sovereign crises, as well as the greening of both investors’ portfolios and monetary policy.
A European Climate Bond / Monasterolo, Irene; Pacelli, Antonia; Pagano, Marco; Russo, Carmine. - In: ECONOMIC POLICY. - ISSN 0266-4658. - 40:122(2025), pp. 307-339. [10.1093/epolic/eiae065]
A European Climate Bond
Antonia PacelliSecondo
Membro del Collaboration Group
;Marco Pagano
Penultimo
Writing – Original Draft Preparation
;Carmine RussoUltimo
Membro del Collaboration Group
2025
Abstract
Europe faces a large climate investment gap. To fill it, we propose the joint issuance of European climate bonds. These bonds would be funded by selling greenhouse gas emission allowances via the Emissions Trading System, extended to cover all sectors. Access to the resulting funds would be conditional on countries’ performance on the implementation of climate projects. European climate bonds would meet the demand for a safe, liquid and green asset, while accelerating climate investment, and increasing its resilience to sovereign crises, as well as the greening of both investors’ portfolios and monetary policy.| File | Dimensione | Formato | |
|---|---|---|---|
|
EU_Climate_Bond_16_12_2024.pdf
solo utenti autorizzati
Descrizione: Preprint
Tipologia:
Documento in Pre-print
Licenza:
Copyright dell'editore
Dimensione
2.51 MB
Formato
Adobe PDF
|
2.51 MB | Adobe PDF | Visualizza/Apri Richiedi una copia |
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
