Recital 1

(1)On 22 June 2022, the Governing Council decided to amend the corporate sector purchase programme (CSPP) framework to ‘tilt’ the CSPP benchmark towards issuers with a better climate performance. In this context, the Governing Council specified that ‘tilting’ means that the share of assets on the Eurosystem’s balance sheet issued by companies with a better climate performance will be increased compared to that by companies with a poorer climate performance. In addition, the Governing Council decided to impose maturity limits for the bonds of issuers with a poorer climate performance. The climate performance of issuers should be measured by reference to their greenhouse gas emissions, the level of ambition of their carbon reduction targets and their climate-related disclosures. The climate performance of issuers should be assessed and the tilting factors should be calculated using methodology approved by the Governing Council.