ECB Gives Banks 2024 Deadline to Address Climate Risk Impact

On November 2, the European Central Bank (ECB) announced banks will have until the end of 2024 to identify and manage climate and environmental risks. The new deadlines come with the release of the results of the ECB’s review into 186 banks and their strategies and governance and risk management frameworks – finding that 85% lack sophisticated methodologies and granular information on climate risks. Failure to adequately address financial risks associated with climate change by the end of 2024 will result in higher capital requirements and fines.

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