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/ Annalisa Perteghella
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/ Federico Tassan-Viol
/ Filomena Annunziata
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/ Francesca Bellisai
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• Empirical evidence shows that capital requirements have a significant influence on both the volume of credit and the level of bank interest rates, and also demonstrates that, despite their limited worth as a stand-alone lever to drive climate change, the use of macroprudential capital requirements can play a decisive role in mitigating the risks of transition generated by aggressive decarbonisation policies. These findings therefore show that macroprudential policies are a necessary complement to other climate policies in order to reduce the exposure to risk of financial intermediaries who, without adequate capital requirements, could serve as an amplification channel of systemic risks.
For the European Union, the estimated investment needed to implement the Green Deal would require a total annual investment in the 2021-2030 period of approximately 1,285 billion per year, equal to 8% of GDP of the EU in 2022. The setting up of a European energy and climate fund is therefore legally and technically feasible, and should be a decisive theme of political debate, particularly in light of the upcoming European Parliamentary elections and the renewal of the Commission.
A propaedeutic analysis for the revision of the National Energy and Climate Plan (NECP). Estimates of the total investment that Italy needs in order to align with the new European Fit-for-55 targets range between an average of EUR 122 and EUR 134 billion per year. The additional investments needed are therefore EUR 30-42 billion per year higher than estimated in the NECP (2019), and 2-3 times higher than the amount allocated in the NRRP for the green transition in the 2021-26 five-year period (an average of EUR 14.4 billion per year).
• Empirical evidence shows that capital requirements have a significant influence on both the volume of credit and the level of bank interest rates, and also demonstrates that, despite their limited worth as a stand-alone lever to drive climate change, the use of macroprudential capital requirements can play a decisive role in mitigating the risks of transition generated by aggressive decarbonisation policies. These findings therefore show that macroprudential policies are a necessary complement to other climate policies in order to reduce the exposure to risk of financial intermediaries who, without adequate capital requirements, could serve as an amplification channel of systemic risks.
For the European Union, the estimated investment needed to implement the Green Deal would require a total annual investment in the 2021-2030 period of approximately 1,285 billion per year, equal to 8% of GDP of the EU in 2022. The setting up of a European energy and climate fund is therefore legally and technically feasible, and should be a decisive theme of political debate, particularly in light of the upcoming European Parliamentary elections and the renewal of the Commission.
A propaedeutic analysis for the revision of the National Energy and Climate Plan (NECP). Estimates of the total investment that Italy needs in order to align with the new European Fit-for-55 targets range between an average of EUR 122 and EUR 134 billion per year. The additional investments needed are therefore EUR 30-42 billion per year higher than estimated in the NECP (2019), and 2-3 times higher than the amount allocated in the NRRP for the green transition in the 2021-26 five-year period (an average of EUR 14.4 billion per year).