Law360, London (May 20, 2020, 4:10 PM BST) -- The European Central Bank set out draft guidelines Wednesday for banks in the bloc on how to limit their contribution to global warming and how much they should tell investors about their environmental impact.
The ECB's guide tells lenders to incorporate plans to reduce their impact on the climate in their business plans and risk management strategies, after extreme weather such as floods and fires swept across the world with increasing frequency in 2019.
The ECB said it also expects banks in the bloc to "become more transparent by enhancing their climate-related and environmental disclosures."
Banks are expected to assess whether their...
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