Banks Must Speed Up Efforts In Climate Risk Fight, Says ECB

By Irene Madongo (November 22, 2021, 5:27 PM GMT) -- The European Central Bank said on Monday that no eurozone lender "is close to meeting" its climate risk goals, as it urged banks to move quickly to address shortfalls in their environmental efforts.

The eurozone's central bank said that "lenders have taken initial steps toward incorporating climate-related risks." But it added that no "supervised bank is close to meeting all ECB expectations on climate and environmental risks."

It added that "almost all banks have developed plans to improve their practices. However, the quality of these plans varies considerably, and progress is too slow. Only one-third of banks have plans in place that are at least...

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