On March 14, the European Central Bank (ECB) published a new report reviewing the progress of European banks on disclosing climate risks. The ECB concludes that while banks are making advancements on disclosing environment related risks, the level of transparency being provided is still insufficient. According to the report, approximately 75% of banks fail to disclose whether climate and environmental risks have a material impact on their risk profile. Additionally, nearly 60% of banks do not describe how transition risk or physical risk could affect their strategy. In light of its findings, the ECB has sent individual feedback letters to each bank under its supervision highlighting the gaps in their disclosures and expressing the ECB’s expectations to take action on improving them.