EU net‑zero target ‘not politically credible’, warns Belgian ECB policymaker

The governor of the National Bank of Belgium has called for a “discussion” on the EU’s climate targets, saying the bloc risks a collapse of trust in its climate policy if it keeps insisting on goals that, he said, few believe it will meet. “My concern is that it damages the credibility of the policy instrument. I mean, most people will tell you we are not going to be net zero in 2050. That’s what I hear,” said Pierre Wunsch, who also sits on the European Central Bank’s governing council, at a Bruegel event in Brussels on Wednesday (2 September). He described the topic as the “elephant in the room”, and acknowledged many would not agree with him. “I need to watch my words,” he said, before setting out the case against him. “There is one argument saying now that the US is out of the Paris [climate agreement], it’s not the time for Europe to re-discuss the target. We’ve taken the commitment,” he said. “But by pretending we are going there, but having a lot of people believing we are not going there, you lose the credibility of the instrument,” he also said. To read this story, log in or subscribeEnjoy access to all articles and 25 years of archives, comment and gift articles. Become a subscriber for as low as €1,75 per week.Read without limitsAlready a subscriber? Login