The European Central Bank (ECB) plans to rejig its corporate bond portfolio to favour issuers that pollute less, marking its most significant shift yet to weave environmental considerations into monetary policy. The ECB will reinvest “the sizeable redemptions expected over the coming years” in a way that penalises companies with a big carbon footprint, according to a statement yesterday. The new plan will affect some €30bn ($31.3bn) worth of reinvestments each year, or around 10% of the ECB’s corporate portfolio, Executive Board member Isabel Schnabel said. “If you compare it to other central banks, this is a substantial amount, so this makes a difference,” she said. The ECB is adjusting
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