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We opine that it is illogical for the European Central Bank to effectively provide cost-of-capital subsidies for the Canadian province of Alberta (ticker ALTA). The province’s last announcement of using borrowed capital to finance oil production tax holidays may be one of the most egregious climate actions out of developed markets in 2020. It’s carbon footprint is off the scale in comparisons with e.g. Saudi Arabia, not least due to is world leading operation of tar sands.
Following recent European Central Bank comments, we propose a High-Level Excessive Emissions Group of bond issuers to be excluded from CSPP and other central banking operations. This would remove carbon risks associated with >3.5 gigatonnes of CO2 emissions from the ECB's risk portfolio.
Anthropocene Fixed Income Institute
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