„We need a clear, reliable CO₂ price“
„We need a clear, reliable CO₂ price“
Mr Herkenhoff, the banking association is now also getting involved in the debate on emissions trading and is calling for the new ETS-2 not to be postponed or watered down. Why?
Climate protection and competitiveness are not contradictory – they go hand in hand. Investing in clean technologies at an early stage will ensure the long-term competitiveness of our economy. This requires a clear, reliable CO₂ price, which is also a central element of climate protection in the coalition agreement. It creates planning security and fair conditions in the European single market.
And if the EU agrees on a climate target for 2040 next week…
…then we welcome that. It provides guidance. Now it is important to stay on this course and introduce ETS-2 without delay – not as a burden, but as a signal for investment.
But industry is currently up in arms about emissions trading.
We share the industry's concerns about falling behind internationally due to stifling regulations. However, this applies above all to ETS-1 – in other words, the rules on emissions allowances for energy-intensive industries. What is currently slowing companies down the most is not the price of CO₂ but uncertainty, excessive bureaucracy and the constant back and forth in European industrial policy.
You advocate cushioning the rising CO₂ price in the transport and building sectors in a socially acceptable manner. Should the federal government consider a climate allowance after all?
Climate protection only works if people and companies go along with it. Rising CO₂ prices steer investment – but they must be designed in such a way that both the economy and citizens can understand them. It is not the instrument that is decisive, but the effect: the relief must be simple, accurate and unbureaucratic. Whether this is achieved through a climate allowance or other means is a matter for politicians to decide.
One of the banking association's demands is to give greater weight to nature-related services and risks in economic decisions. Why is this important?
Intact ecosystems are not a moral issue, but an economic one. Over 70% of companies in Europe depend directly on natural resources. Those who destroy nature jeopardise their own value creation.
But what does this mean for banks and companies?
For them, it means that nature-related risks belong on the agenda just as much as climate risks. The EU roadmap on nature credits can show ways in which the services provided by nature can be assessed more reliably in economic terms in the future. This opens up new opportunities for financing and innovation.
In view of the green transformation, should the activities of federal and state development banks also be readjusted?
In Germany, we have a strong support system and excellent cooperation with KfW and the state development banks. This is one of, if not the central pillar. Overall, however, it would be good if we could move away from specialised funding and back to broad-based funding. Companies also need simple programmes, clear budgets and long planning horizons. Development banks could take on more risk where private investors are still hesitant – then funding would become a real lever.
You criticise the fact that the EU Commission's omnibus policy has so far failed to take into account the specific challenges facing the financial sector. What points are you referring to specifically?
Europe wants to ease the burden on companies – that is right. To do this, the economy and banks need not only simpler, more stringent rules, but also urgent clarity on which ESG rules are to be applied by whom and within what timeframes. When it comes to easing the burden, the financial sector must not be overlooked: banks need practical rules. Otherwise, a gap will arise between the data that companies provide and the data that banks are required to provide due to risk and supervisory requirements.
And what about smaller banks?
Small and medium-sized banks should be given proportional relief in the implementation of ESG requirements. Otherwise, regulation will paralyse precisely those players who are supposed to finance the transition.
