ECB’s Elderson urges banks to ‘get up to speed’ with climate litigation

The European Central Bank’s supervisory board vice-chair says lenders and their clients need to implement credible Paris-aligned transition plans to mitigate the rising risk of climate lawsuits.

The worsening impacts of climate change will lead to increased litigation, and banks and corporates must be prepared to be in the firing line, warned Frank Elderson, a member of the European Central Bank’s executive board and vice-chair of its supervisory board, at the organisation’s legal conference on Monday.