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Eurozone Banks Fail to Factor In Climate Risks, ECB Says
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Eurozone banks aren’t properly measuring and managing climate risk, with only one-fifth considering it as an variable when granting loans, the European Central Bank said.
The warning came as the ECB completed its first climate-related stress testing on banks in the common-currency bloc. Results won’t have a direct impact on lenders’ capital, but could indirectly affect it through evaluations the banks receive from the ECB related to risk management and governance. The ECB didn’t name any of the banks involved in the exercise.
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