European Banks Begin Switching to ‘Digital Cash’ to Fight ‘Climate Change’

Banks in Europe have started rolling out “digital transformations” to usher in “cashless societies” to comply with the European Central Bank’s (ECB) plan to supposedly tackle “climate change.”

As part of the ECB’s “climate and nature plan,” banks that operate in the bloc are being reviewed to ensure they are making steps toward eliminating physical cash.

The financial institutions are being subjected to on-site inspections to monitor the progress of their “digital transformations.”

To comply with the “digital transformation” goals, banks must prove they are entering into the preparation phase of the “digital euro” – the European Union’s central bank digital currency (CBDC).

In January, ECB President Christine Lagarde posted a video on social media to announce the push to digital cash as part of the bank’s “green transition.”

In a video post on X, the caption stated:

“A hotter climate and nature loss are changing our lives.

“We must understand what this means for the economy to fulfill our mandate.

“With our climate and nature plan, we are intensifying our efforts to help underpin stability and support the green transition.”

WATCH:

Lagarde attached a link to the ECB’s “Climate and Nature Plan 2024-2025 at a glance” webpage.

In the plan, the ECB does backflips to try to justify digital cash by pushing climate alarmism.

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The plan states:

“In line with our three strategic objectives, our work on climate change is entering a new phase guided by our climate and nature plan 2024-2025.

“By building on lessons learnt, the plan outlines where we are broadening our efforts and identifies three focus areas for our activities.”

The ECB’s “deep dive” explains that the 2024-2025 plan builds on and expands the central bank’s work on five areas of its “action plan 2021,” “climate agenda 2022,” and “supervisory priorities for 2024-2026.”

One of the five areas that the ECB will be building on and expanding immediately stands out:

“Payments, banknotes, and market infrastructure.”

The ECB’s “climate and nature plan” continues by declaring that it intends to:

  • “Consider environmental aspects in the preparatory phase of the design of a digital euro.”
  • “Consider the relevance of environmental risks in the oversight of financial market infrastructures.”

In the Single Supervisory Mechanism (SSM) “supervisory priorities 2024-2026,”  the ECB document pushes for a “digital transformation” over the next two years.

Banks have been digital for years; apart from transactions in physical cash, all bank transactions are already digital.

The documents suggest that it expects banks in the EU to phase out physical cash by 2026 to comply with the ECB’s goals for a “digital transformation.”

The ECB continues by listing its priorities for a “digital transformation,” which are as follows:

  • Priority 1: Strengthen resilience to immediate macro-financial and geopolitical shocks.

  • Priority 2: Accelerate the effective remediation of shortcomings in governance and the management of climate-related and environmental risks.

  • Priority 3: Further progress in digital transformation and building robust operational resilience frameworks.

The ECB is seeking to integrate its digital euro with artificial intelligence (AI).

However, as Euro News wrote in February: “It is time to be concerned.”

Because the convergence of these technologies means that the digital euro can serve as the arbiter of all exchanges within and with the EU.

AI will play a crucial role by analyzing financial data and affecting the financial activities of EU residents, citizens, companies, and trading partners.

Euro News wrote:

“The digital euro [ ] paired with the emergence of AI, means it is now highly likely that the democratic protections afforded to us in our current system of exchange can be undemocratically replaced by the ability of the state to view and restrict our financial activities.

“We deserve better than the digital euro.”

READ MORE – Major Australian Bank Closes All Physical Branches as Nation Ushers In ‘Cashless Society’

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By Frank Bergman

Frank Bergman is a political/economic journalist living on the east coast. Aside from news reporting, Bergman also conducts interviews with researchers and material experts and investigates influential individuals and organizations in the sociopolitical world.

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