European Central Bank In Action To Tackle Climate Change

The European Central Bank (ECB) has launched, for the first time, an assessment of over 112 significant institutions. This will evaluate their state of climate-related and environmental (C&E) risk management in the banking sector.

"Central banks are not responsible for climate policy, and the most important tools that are needed lie outside of our mandate. But if we are not in the driving seat doesn't mean that we can ignore climate change and we do not play a role in combating it."

European Central Bank President Christine Lagarde made these comments in her key-note address at the ILF Conference on Green Banking and Green Central Banking.

There is a connection between climate change and financial stability, as environmental disasters can affect prices and market stability. C...

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