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'Banks urgently need to set ambitious and concrete goals and timelines to mitigate their exposure,' ECB executive board member Frank Elderson wrote (Photo: ECB)

ECB warns most EU banks have no 'Paris' climate plan

The European Central Bank (ECB) warned on Monday (22 November) that most commercial banks it supervises do not have concrete plans to start preparing for climate change.

In the first-ever exercise of its kind, the ECB assessed the state of climate-related and environmental risk-management in the banking sector.

Out of the 112 banks the ECB oversees "only a handful of them mention actively planning to steer their portfolios on a Paris-compatible trajectory", ECB executive board me...

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Author Bio

Wester is a journalist from the Netherlands with a focus on the green economy. He joined EUobserver in September 2021. Previously he was editor-in-chief of Vice, Motherboard, a science-based website, and climate economy journalist for The Correspondent.

'Banks urgently need to set ambitious and concrete goals and timelines to mitigate their exposure,' ECB executive board member Frank Elderson wrote (Photo: ECB)

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Author Bio

Wester is a journalist from the Netherlands with a focus on the green economy. He joined EUobserver in September 2021. Previously he was editor-in-chief of Vice, Motherboard, a science-based website, and climate economy journalist for The Correspondent.

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