EU should demand banks set climate transition plans – Elderson
Officials acknowledge climate risk has become central topic, but say most institutions fail to meet supervisory requirements
The European Union (EU) should consider mandating that banks adopt strategies in line with a transition to net-zero carbon emissions, said European Central Bank board member Frank Elderson.
“It would be very helpful to have legal requirements for all banks to implement Paris-compatible transition plans, because this would actually enhance the pressure, but also help us as a supervisors to play a role,” he said during a conference organised by the ECB.
Panellists acknowledged the rapid progress
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