ECB chief Christine Lagarde on Thursday said the bank would study what kind of "role" it could play in combatting climate change as part of a major policy review, warning of "the danger of doing nothing".
While the bank's price stability mandate would always come first, "we should at least try to explore every area where we can actually participate", she told reporters.
"I think that failing to try is already failing." Analysts have suggested the bank could look at "greening" its asset purchases, or that climate risks could be built into its economic forecasting and other aspects of its work, such as banking supervision.
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