Euro zone banks face significant climate-related risks, ECB says

Euro zone banks face significant climate-related risks, ECB says

Euro zone banks face significant climate-change related risks and must build capacity now to manage these, even if climate issues tend to materialize over longer periods, European Central Bank supervisor Andrea Enria said on Wednesday, The Edge Markets reports.

“An abrupt transition to a low-carbon economy would have a severe impact on climate-sensitive economic sectors, triggering an increase in banking system losses of up to 60% compared with a baseline scenario,” Enria said in a speech.

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