ECB says banks are falling short on climate risk
Actions are “too slow” and no supervised bank is “close” to meeting expectations, central bank says
The European Central Bank told commercial banks in the eurozone to step up their work on tackling climate risks today (November 22).
The supervisory arm of the ECB said all the banks it oversees need to accelerate their work on climate change. A report detailing the current status of “climate and environmental (C&E)” risk management in the banking sector concluded that “none of the institutions are close to fully aligning their practices with the supervisory expectations”.
The analysis was the
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