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Euro zone banks far behind on climate disclosure: ECB
Nov 27, 2020
FILE PHOTO: A euro logo sculpture stands in Frankfurt October 26, 2014. REUTERS/Ralph Orlowski
FRANKFURT (Reuters) - Only 3% of the euro zone’s top banks disclose all basic information about their exposure to climate-related risk, the European Central Bank said on Friday.
“As of yet, virtually none of the institutions in the scope of the assessment would meet a minimum level of disclosures,” the ECB said in a report.
“Institutions do not yet comprehensively disclose their risk profile and ... significant efforts are needed to promote transparency in the financial markets on the climate-related and environmental risks institutions are exposed to,” it added.
The ECB was also unveiling new guidelines on the matter, with a view to reviewing the sector’s progress and take measures in 2022.
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