10/08/2021_edi

It is the same old problem: Both ECB chief Christine Lagarde and her Chinese counterpart Yi Gang of the People’s Bank of China are well aware of the central banks’ responsibility in the fight against climate change. Nico Beckert takes a closer look at the roadmaps of the ECB and the PBoC to help shape a green economic transition. China’s central bank is able to work more closely with the state on climate protection than Western central banks. But the PBoC also serves Beijing’s economic goals, pouring billions into the coal industry. The ECB, on the other hand, faces a different predicament: It lacks democratic legitimacy and is hardly allowed to act independently on climate policy.