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MNI BRIEF: Banks Must Speed Up Climate Risk Actions - Elderson

(MNI) Frankfurt

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.

MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
Policy NewsCentral Bank NewsEuropean Central BankRegulationCEEMEAEurozoneEuropean Central Bank (ECB) Market NewsBriefStoryRegion
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MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
Policy NewsCentral Bank NewsEuropean Central BankRegulationCEEMEAEurozoneEuropean Central Bank (ECB) Market NewsBriefStoryRegion
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