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European legislators should commit explicitly to introducing a legally binding requirement for banks to have Paris Agreement-compatible climate and environmental risk transition plans, ECB Executive Board member Frank Elderson said in a speech Wednesday.
Having such a legal framework in place will push banks to "go beyond the mere point-in-time measurement of C&E risks," Elderson said, adding that banks "can no longer simply declare their intention to be Paris-compliant by 2050. They must make structural changes to their way of doing business so as to make sure that they actually reach that goal and avoid the build-up of risks for them and the entire financial system."
On Tuesday, Elderson warned on the risks to future growth from not acting on climate change risks.