The idea of a green QE (quantitative easing) programme has gained a lot of traction over the last years. Our recent research shows that a green QE programme that involves the purchase of green corporate bonds can indeed reduce global warming. Such a programme could be more effective if green investment responds strongly to changes in the interest rates. Yet, green QE cannot by itself prevent severe climate change. This policy brief complements our joint seminar between FEPS and GPERC on Climate Change and Finance held on 23rd May 2018 at the University of Greenwich, London.