##economic models as well as on the climate assessment of assets. but we can make this decision quickly by the end of this year - and then implement it in three to five years. then the eurosystem, together with the european central bank, under the impetus created by christine lagarde, and the banque de france, will be the pioneers in this global fight. we must do so, in the very name of our mandate. page 8 sur 8 however, the central banks alone will not be able to do enough. let us transform this fight into an opportunity, that of a combination of fiscal, monetary and structural policies within the framework of a genuine green policy - mix combining carbon prices, public investment, sector - specific rules and monetary action. “ the future is not what will happen to us, but what we are going to do. it calls us, or rather it pulls us to it, " said bergson. there is still time to prove him right. on 15 december 2020, the federal reserve board announces it has formally joined the network of central banks and supervisors for greening the financial system, or ngfs. ii responsible investment report of the banque de france 2019, june 2020. iii article 3 of the treaty on european union. iv seppanen et al. ( 2006 ), « room temperature and productivity in office work », lbnl - 60952, lawrence berkeley national laboratory, berkeley, ca. ou niemela et al. ( 2002 ), « the effects of air temperature on labour productivity in call centres – a case study », energy and buildings 34 ( 8 ), 759 - 64. v weidmann, j. ( 2021 ), “ what role should central banks play in combating climate change? ”, remarks at the ilf conference green banking and green central banking : what are the right concepts?, goethe university frankfurt, 25 january. vi ngfs ( 2020 ), “ survey on monetary policy operations and climate change : key lessons for further analysis ”. vii bolton, p., despres, m., pereira da silva, l., samama, f., svartzman, r. ( 2020 ), “ the green swan : central banking and financial stability in the age of climate change ”, bank for international settlements and banque de france. viii objective defined in the paris agreement signed by 195 countries, of which the european union. ix schnabel, i. ( 2020

##ised regulatory framework. i repeat, and i regret to say that neither in europe, nor even in france, are we today in a position to compare - and therefore to correctly assess - the heterogeneous data published by financial institutions and companies. from this perspective, the standardisation of data and the draft non - financial reporting directive - which will be discussed this year - for adoption hopefully next year, under the french presidency - will be the battle to be fought in 2021. and it would be unacceptable - at a time when progress on climate change is moving in the right direction and europe has won the first round of climate - related values - for europe to lose the second round, i. e. that of measuring these values using standards and published data. 2. 3 incorporate climate risk, into order to reduce it in all of our operations and in the economy the third part of our triptych, the very core of our activity, and the most powerful : reducing our climate risk in concrete terms, through our asset purchase and page 6 sur 8 collateral policies. this ambition requires great dexterity ; but it is rooted in a conviction : we have in our hands the tools to move forward, concretely, strongly. i propose to start decarbonising the ecb's balance sheet in a pragmatic, gradual and targeted manner for all corporate assets, whether they are held on the central bank's balance sheet ( purchases ) or taken as collateral, without including government securities. there are at least two arguments for such a priority : 1 / it is very difficult to differentiate between the climate policies of the euro area countries. 2 / conversely, non - financial corporations are clearly identified as players whose activities are the most carbon intensive. thanks to their transparency efforts, we now know how to calculate climate indicators for more than 90 % of the value of corporate bonds eligible with the eurosystem. xii we also know how to do this for the bank loans of the largest debtors, which are also the most important in climate terms. the second step would be to extend the decarbonisation strategy to securities issued by financial institutions. to achieve this, banks will need to be able to assess their indirect emissions, generated by the activities they finance. xiii after determining the scope, the decarbonisation method remains to be defined. i believe that we should seek to achieve an adjustment of the valuation of all these assets according to the climate transition risk. this solution has the considerable advantage