A European Climate Bond

Irene Monasterolo, Antonia Pacelli, Marco Pagano and Carmine Russo
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Irene Monasterolo: Universiteit Utrecht / Utrecht University [Utrecht], CEPR - Center for Economic Policy Research
Antonia Pacelli: TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Carmine Russo: Universiteit Utrecht / Utrecht University [Utrecht], CEPR - Center for Economic Policy Research

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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.

Date: 2024-12-20
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Published in Economic Policy, 2024, pp.eiae065. ⟨10.1093/epolic/eiae065⟩

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Working Paper: A European Climate Bond (2024)
Working Paper: A European Climate Bond (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04940440

DOI: 10.1093/epolic/eiae065

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