Nov. 26 (EIRNS)—Despite the flop at the Glasgow COP26 event and the unfolding energy and inflation crisis, the ECB goes ahead with its “shifting the trillions” agenda. In focus, is the global system of law which should allow suppression of fundamental rights to favor the climate agenda. As keynote speaker at the European Central Bank Legal Conference in Frankfurt this week, ECB Executive Board member Frank Elderson argued for an evolution of fundamental rights into climate rights. A chapter of his speech is “ECB: From Fundamental Rights to Climate Rights.”

Elderson mentioned several cases in which courts have ruled against governments and corporations for climate crimes or omissions, to argue that such litigations will increase and will become extraterritorial, asserting, “The protection of the environment as a global right that transcends borders, leads to the assertion of claims with an extraterritorial nature.”

In conclusion, “Just as the financial risk implications of climate change place it squarely within the mandates of central banks and supervisors, the fact that climate rights branch off from the tree of fundamental rights places them squarely within the mandates of the courts. I am confident that courts around the world will take inspiration from each other to ensure that climate rights—and I would say environmental rights, too—are being served by our legal system in the same way as any other human right. In this context, I trust that everyone will continue working together—and within their mandate—to develop solid legal foundations to address the challenges of climate change.”