The ECB’s climate risk goals are not being met by euro zone banks.

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The European Central Bank stated on Monday that no major euro zone lender matches its expectations on climate and environmental risk, and it called for a faster adaptation of its supervisory expectations.

“Banks have taken initial steps towards incorporating climate-related risks, but none is close to meeting all supervisory expectations,” the ECB said in a statement.

“Only one-third of banks have plans in place that are at least broadly adequate, and half won’t have completed implementation of their plans by the end of 2022,” it added.

Story by : Norvisi Mawunyegah