The ECB’s objectives are clearly spelled out in the Treaty and cannot be changed without also changing the Treaty itself. [14] These objectives define the scope and the limits of our potential actions in all areas. When it comes to climate change, our potential role could be based on both our primary and secondary objectives.
Under our primary mandate, the ECB must take climate change into account if this is a prerequisite for maintaining price stability (Chart 9). [15]  Chart 9 The obligation to act according to the Treaties  The extent of the risks to price stability from climate change is subject to an intense and growing debate, and the question is far from settled.