ECB to Impose First-Ever Fines on Banks for Climate Failures
- Several lenders didn’t progress enough on risk assessment
- Fines per day can technically be up to 5% of daily revenue
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The European Central Bank is set to take the unprecedented step of imposing fines on several lenders for their protracted failure to address the impact of climate change.
As many as four lenders face penalties after not meeting deadlines set by the ECB for assessing their exposure to climate risks, according to people familiar with the matter. The amounts aren’t final yet and may be largely symbolic, the people said, who asked not to be named as the move isn’t public.