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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI BRIEF: Climate Lawsuit Threat To Banks, Watchdogs - ECB
Clarification in paragraph 2 of story originally transmitted Monday Sept 4 at 1310BST
Banks and regulators must be increasingly prepared for increased risk of climate-related litigation, following an “explosion” in the number of legal cases launched against the financial sector over the last two years, ECB Executive Board member Frank Elderson said in a speech Monday.
“We can't exclude that, in some jurisdictions, litigants will go for the jugular," he said, as he called on finance institutions to manage the risk that they may be held accountable for the obligation to reduce their emissions by 55% by 2030 compared with 1990 levels in line with the European Climate Law and the Paris Agreement, as well as an obligation to immediately stop financing new fossil fuel exploration.”
Central banks and supervisors may also be targeted, Elderson warned, “either to ensure that they are doing their part to protect fundamental rights and facilitate compliance with the Paris Agreement or to ensure that they are fulfilling their duties in terms of financial stability or consumer and investor protection.” Elderson’s remarks should be seen in the context of the ECB’s long-standing insistence that climate change risks create financial stability risks, and recent efforts both to shed light on and decarbonise its balance sheet.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.