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Euro zone banks not meeting ECB’s climate risk goals -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : At the beginning of “Luminale Light and Building”, a large euro sign illuminates the headquarters of European Central Bank (ECB). This was in Frankfurt, Germany on March 12, 2016. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters), – The European Central Bank said Monday that no major eurozone lender can meet its climate and environmental risks expectations. It called for a speedier adaptation to its supervision requirements.

The ECB stated in a statement that although banks have made initial efforts to incorporate climate-related risk into their operations, none of them are close enough to meet all supervision expectations.

“Only one-third of banks have plans in place that are at least broadly adequate, and half won’t have completed implementation of their plans by the end of 2022,” it added.

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