ECB says that banks need to do more on climate change

According to the first large-scale assessment conducted by the European Central Bank (ECB), on how European banks are transforming their procedures to handle climate and environmental risks, they must significantly step up their efforts. 

  • No supervised bank comes close to achieving all of the ECB’s climate and environmental risk requirements.
  • Banks have devised strategies to reform their processes, but progress has been gradual.
  • Banks have been alerted about severe issues, and a complete evaluation of operations is slated for 2022.

The full assessment can be read here