EU finance ministers have backed proposals to measure and reveal banks’ climate-related financial risks.
The EU economic and financial affairs Council (ECOFIN) on Tuesday endorsed proposals for the European Banking Authority to report in the next two years on potential ‘green’ and ‘brown’ factors for banks’ capital requirements, and the potential inclusion of environmental, social and governance (ESG) risks in the review and evaluation performed by financial regulators. Banks would be required to disclose ESG risks in three years.
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