On the sidelines of the World Climate Conference in Dubai, Frank Elderson, an ECB executive board member, sent a clear message to banks. 20 banks have already been threatened with concrete fines and there could be more if the ESG issue is not taken more seriously and integrated into the banks. It is mainly about physical climate risks, but also better data and the management of transition risks with a focus on emissions. The first banks have already had to pay penalty interest - for every day that the implementation deadlines set by the supervisory authority are not met.
Source: Bloomberg
