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euronews (in English)
  • 28/11/2024
A video is being shared on social media which allegedly shows Christine Lagarde, president of the European Central Bank, calling for the abolition of cash in order to reduce our carbon footprint.
Transcript
00:00No, Christine Lagarde doesn't want to scrap cash to fight climate change.
00:09A video is being shared on social media which allegedly shows Christine Lagarde,
00:13president of the European Central Bank, calling for the abolition of cash in order to reduce our
00:18carbon footprint. According to this post on X, Lagarde hopes to stop climate change by overhauling
00:23the entire economy, including completely eliminating cash. The post says it's the
00:28biggest scam on the planet. But really, the closest thing to a scam here is the post itself.
00:34Other similar posts suggest that the ECB is planning to fully replace cash with the
00:37digital euro, which is currently under consideration. In the attached video,
00:41Lagarde does indeed mention re-evaluating the use of banknotes to improve our carbon footprint,
00:46but her words have been taken out of context. Nowhere does she mention getting rid of cash
00:51altogether. Instead, a look at the ECB's climate plans posted on its website in early 2024
00:57shows what Lagarde was most likely getting at. As part of its 2030 carbon reduction targets,
01:03the ECB will work to include eco-design principles for future euro banknote series
01:08and incorporate environmental footprint considerations into the design of a digital
01:12euro that is currently in the preparation phase. What that means is that the ECB is
01:16planning to print banknotes with 100% organic cotton by 2027, according to the bank's climate
01:22and nature plan. Last December, an ECB study showed that the average environmental footprint
01:27of banknote payments was 101 micropoints per euro area citizen in 2019. That's the equivalent of
01:34driving a car for eight kilometers, or 0.01% of the total environmental impact of a European's
01:40annual consumption activities, according to the study. The ECB has also made clear that it wants
01:45to make euro banknotes as environmentally friendly as possible, while ensuring cash
01:50is widely available and accepted.

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