This, he said, is very different from specifically buying green bonds. "The big question is: How does the ECB know which bonds to exclude because of high climate risks? If the rating agencies can't tell, where would the ECB get that knowledge?"
According to Wieland, it should be easier for the central bank to identify financial risks from climate policy, such as changes in fossil fuel prices, rather than longer-term physical risks from climate change itself, the F.A.Z. writes.