Last weekend, as wildfires continued to scorch parts of southern Europe, Frank Elderson of the European Central Bank’s Executive Board took to the pages of the Guardian to warn that the “climate and nature crises” now pose a direct threat to “core financial stability” and even “core price stability”. The destruction of ecosystem services, he insisted, is not some “flower-power, tree-hugging exercise” but “core economics”. The ECB, he added, is already deepening its scrutiny of banks’ exposures to nature-related risks, with further analysis due later this year.
This is the same institution that, only 10 days earlier, quietly expanded its “climate factor” in the “Eurosystem collateral framework” to cover non-financial corporate loans. From the end of 2027 at the earliest, loans to companies deemed exposed to “transition shocks” from climate change will face an additional haircut of up to 5%. The July decision and Elderson’s August rhetoric are of a piece: the ECB continues to weaponise climate (and now nature) policy even as the empirical, political and market ground shifts decisively under the alarmist camp.
From wildfires to collateral haircuts
As Green Central Banking reported, the climate factor — already applied to non-financial corporate bonds since mid-2025 — will now extend to credit claims in a major expansion of its punitive scope.
The ECB frames this as mere risk management against shocks from policy changes, technology, consumer behaviour, litigation or macroeconomic adjustment. In reality it is green industrial policy by another name: systematically raising the cost
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We will get carbon pricing, down to the goods you buy in the supermarket.
I was wondering when central banks will open their eyes. Fires set in tandem through France. Canadian fires which never happened in the past, suddenly appear now each summer., the Hawaiian fire, the Pacific Palisades fire. Surely no one can believe these fires are spontaneous.
DEWS, HAARP, DARPA…….perhaps the “central banks” will dig deeper.
I really enjoy reading Talik’s stuff, he seems to be able to hit the nail squarely with only a few words:
”the parasitical intermittency of renewables”
Perfect.
More virtue signaling from the rich elite, who know that there will be minimal impact on their lavish lifestyles and pensions, who will protect the benefit dependent voters who keep voting for them, but hit hard working and responsible citizens the hardest.
So that is what central bank independence is about. A few technocrats exercising inordinate amounts of power over the masses with little or no accountability.
It was supposed to be about just managing the money supply and controlling inflation. But power is so seductive, it’s only a matter of time before it is abused.
Excellent article from Tilak. People have no idea just how embedded this stuff is. Ultimately it affects everyone’s lives, but it’s all drawn up by pre-selected ‘experts’ largely away from any democratic scrutiny.
In a series of linked essays, the escapekey substack documents the whole thing in detail, right back to its origins, which go back even before the Club of Rome’s Limits to Growth published in 1972. E.g.
https://escapekey.substack.com/p/connecting-the-central-banks
https://escapekey.substack.com/p/the-climate-concensus
but you can start reading anywhere.
Ultimately it leads to a future where everything you do is recorded in a unified ledger, which gives our masters total control over our lives. That is, permissioned money, social credit scores, and carbon credit rationing, enforced through total surveillance and geofencing.
You can be sure these restrictions won’t extend to the elite though.
They are right, and all their friends agree with them.