European Banking Institutions generally do not provide information on the climate impact

According to the ECB, as of Fall 2020, 97% of major European banks disclose far from complete data on the climate risks they face. In November 2018, ECB Executive Board Member Benoit Kere called on central banks, along with other authorities, to participate in the development of responses to climate change. Climate change is an urgent issue for financial regulators, raising the question of their role in the fight against global warming.

Climate change poses a systemic risk to financial stability, the support of which is in one way or another in the mandates of many central banks. So it was decided that large banks should disclose all risks associated with climate and environment. While this requires a significant effort on the part of banks to ensure that financial markets are transparent about the environmental risks they face, no bank has provided the required information so far. The European Central Bank has announced new guidelines that should guide this issue in order to track the dynamics of improvements in the coming year.

Source Reuters


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