Finance System Heavily Exposed To Climate Risk, ECB Warns

Law360, London (June 17, 2020, 1:52 PM BST) -- European Union banks rely heavily on carbon industries and will face huge losses if the sector moves away from investing in companies that create pollution, the bloc's central bank warned on Wednesday as it urged lenders to prepare for climate risks.

Andrea Enria, chairman of the supervisory board of the ECB, said that 15% of the bloc's largest banks lend to or invest in industries that are the highest carbon polluters. The EU's banking sector would be hit with profit losses of up to 60% if the bloc moved to a less carbon-intensive economy.

"Although methodologies for estimating the magnitude of...

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