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Landmark moment as climate risks included in 'Magna Carta of banking supervision'
26 April 2024Prominent central bankers have welcomed the inclusion of climate change among a group of potentially material risks to financial stability in the global banking supervision principles for the first time, meaning regulators and banks must identify and address such risks.
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ECB's Elderson urges banks to set transition plans to meet incoming regulation
14 March 2024Banks have been urged to publish "Paris-compatible transition plans" to prepare for upcoming legal requirements, by a member of the executive board of the European Central Bank (ECB).
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Tackling climate risks among priorities of ECB's top supervisor
14 February 2024The eurozone's top banking supervisor has warned that "banks will not be immune to risks and unexpected events", including those linked to climate change, as she pointed to a period of greater uncertainty that could impact their profitability.
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ECB makes nature risk a priority
30 January 2024The European Central Bank (ECB) has added 'nature loss and degradation' to its key areas of focus for the next two years.
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ECB uncovers 'staggering' misalignment of bank lending with climate targets
24 January 2024'Staggering' misalignment of Eurozone bank lending portfolios with climate targets has been uncovered by the European Central Bank (ECB), as it warned of a pressing need to act amid rising litigation, financial and reputational risks.
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ECB should consider nature risks in bond purchases and lending, Elderson says
24 November 2023The European Central Bank (ECB) should "broaden" its efforts to reduce climate risks in its lending and bond purchases to include nature risks - including in its €3 trillion ($3.3 trillion) public sector bond portfolio - according to a member of its executive board.
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ECB set to fine banks 'turning a blind eye' to climate risk, Elderson says
14 November 2023Banks still failing to meet climate risk management expectations set by the European Central Bank (ECB) three years ago are on the verge of incurring daily fines until they redress shortcomings in their climate risk management.
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ECB: Banks are 'on the horizon' of climate litigation surge
05 September 2023A senior European Central Bank (ECB) official has warned banks to "get up to speed" with rising climate-related litigation risk as he expects regulation and recent legal successes to result in an escalation of cases against banks.
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Elderson: ECB willing to impose climate-related penalties
27 June 2023A senior official at the European Central Bank (ECB) said it is willing to issue periodic penalties or impose bank-specific capital add-ons for banks that do not demonstrate "full compliance with all our expectations" on climate and environmental risk.
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Nature loss poses 'existential' risks for financial system, says ECB's Elderson
08 June 2023The loss of nature due to intensive land use, climate change and pollution poses "existential" risks to the global economy and financial system, a prominent central banker has warned.