SocGen, UniCredit Among Top Performers in ECB’s Climate Review
- Review comes ahead of more comprehensive climate test in 2022
- Banks that perform badly on climate may need more capital
Societe Generale headquarters in Paris.
Photographer: Balint Porneczi/Bloomberg
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Societe Generale SA and UniCredit SpA are among lenders that currently come closest to meeting the European Central Bank’s expectations for how the industry should deal with climate risk, according to people familiar with the matter.
The ranking, which also places BBVA SA in the top group, offers a snapshot of how banks are adapting to climate change here and now, and doesn’t necessarily serve as a verdict on how they plan to develop their risk management, the people said asking not to be identified discussing private information. The ECB hasn’t published results on individual banks, but has previously criticized the industry for falling short overall.