Elderson: Interview with Bloomberg

From ecb.europa.eu

From the outside, the process around periodic penalty payments for managing climate risk seemed very long. How come? Since managing climate and nature-related risks was new, we adopted a multi-year approach and stepped up our engagement proportionally, starting with supervisory expectations in 2020, self-assessments and action plans by the banks in 2021 and a review in 2022 to gauge progress. The banks were moving, but we wanted them to move faster. This is why in 2022 we set a deadline for end-2024, with corresponding interim milestones. The first interim milestone of March 2023 – the materiality assessment – ... (full story)