ECB tells banks to 'drastically' improve climate risk management
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[FRANKFURT] Euro zone banks still do not include climate-related goals in their risk management processes and must make drastic improvements, European Central Bank (ECB) board member Frank Elderson said on Thursday.
"Euro area banks need to drastically improve their capacity to manage climate-related and environmental risks and start acknowledging how these risks can drive others, including credit, market, operational and liquidity risks," Mr Elderson, the deputy head of the ECB's supervisory arm said in a speech.
He added the ECB will not have to wait for regulatory developments before formulating its expectations on the management of climate-related risks and the supervisor is now incorporating the issue into its regular assessment of lenders.
REUTERS
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