Frankfurt, Nov 22 (UNI/Sputnik) Financial institutions in the eurozone must make efforts and adjust their practices to manage climate and environmental risks, European Central Bank (ECB) said in a statement on Monday.
"The ECB expects all institutions to take decisive action to address the shortcomings set out in a dedicated supervisory feedback letter ... The ECB expects institutions to adopt a strategic approach and to take intermediate steps as appropriate," the ECB said in a statement that accompanies a report that examines impact of climate on business strategy in the eurozone.
Titled "Guide on climate-related and environmental risks," the report is the ECB's first extensive supervisory assessment covering climate change-related risk adjustments of 112 supervised institutions with combined assets of €24 trillion.