FILE PHOTO: A euro logo sculpture stands in Frankfurt October 26, 2014. REUTERS/Ralph Orlowski
November 27, 2020
FRANKFURT (Reuters) – Only 3% of the euro zone’s top banks disclose all basic information about their exposure to climate-related risk, the European Central Bank said on Friday.
“As of yet, virtually none of the institutions in the scope of the assessment would meet a minimum level of disclosures,” the ECB said in a report.
“Institutions do not yet comprehensively disclose their risk profile and … significant efforts are needed to promote transparency in the financial markets on the climate-related and environmental risks institutions are exposed to,” it added.
The ECB was also unveiling new guidelines on the matter, with a view to reviewing the sector’s progress and take measures in 2022.
(Reporting By Francesco Canepa; Editing by Balazs Koranyi)
