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Why climate labels should be as common as food labels

OOur existence depends on the food we eat and the clean water we drink. We often take these things for granted. Yet climate change poses a threat to these most valuable assets, an impact often overlooked in our day-to-day decisions and often undervalued or absent from economic assessments. To protect these natural resources, we must adapt our behavior and start valuing them.

One way to empower us to contribute to a sustainable future is to help each other understand the impact of our behavior on climate change and the environment. For example, mandatory food labeling indicates ingredients and nutrition level, allowing us to assess how healthy the food is and make choices based on that. Climate labeling allows us to assess the health of a given product for the environment and to make informed choices. In the same vein, when banks decide to grant loans, they must know the environmental impact of their investments. It is therefore important to introduce reliable, comprehensible and globally comparable information requirements, both for the economy and for the financial sector. As central bank and supervisor, the ECB pushes banks to manage and disclose their climate and environmental risks. This motivates them to ask companies to do the same.

Increasing transparency is essential so that we can value our natural resources in our daily economic and personal decisions. I think this will help to better allocate our money to reducing CO2 emissions and generating a positive impact on the environment. Let’s do this before 2030.

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