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March 15, 2022

Regulatory round-up

By Victor Smart

The European Central Bank has told lenders that they must do better on climate change disclosures. In an assessment of how banks disclose climate and environmental risks, the ECB finds that “no bank fully meets the supervisory expectations”. Regulation of climate and environmental risk disclosures will become stricter in the coming years, so banks need to improve “without delay”.

More than 70 per cent of the major banks assessed, up from just over 50 per cent two years ago, now explain how their board oversees environmental risks. However, roughly 75 per cent of the banks do not disclose whether the environmental risks have a material impact on their risk profile – even though around half have told the ECB that they are indeed exposed.

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