Banks taking insufficient climate action now face ECB fines
"It should come as no surprise that, in line with what we have communicated many times in the past, we have started to adopt enforcement measures."
The European Central Bank (ECB) says it has begun to take enforcement actions – including fines – against banks that do not conduct proper climate risk assessments.
Speaking at a conference this week, Frank Elderson, Vice-Chair of the ECB’s supervisory board, warned that none of the banks under ECB supervision currently meet the expectations it set in 2020 for climate and environmental risk management.
