Banks Told to Brace for ECB Fines After Mismanaging Climate Risk.

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    • Subject Terms:
      EUROPEAN Central Bank ; BLOOMBERG LP 942270000
    • Abstract:
      The European Central Bank (ECB) has announced that it is preparing to fine several banks for their failure to adequately address the risks posed to their business by climate change. The ECB has notified these banks that they have not met the interim milestones and may have to pay a pecuniary penalty. This move by the ECB is seen as a significant step in addressing climate change and sets it apart from the US Federal Reserve. The process is still ongoing, and the potential penalties will be decided upon by the ECB's Supervisory Board. [Extracted from the article]
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