EU, Financials

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

Severe flooding Slovenia
Severe flooding in southern Europe last month: Elderson says that for supervisors and banks, the reality of climate change means greater risk of litigation (Photo: Borut Zivulovic/Reuters)

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 ...

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