ECB to Impose First-Ever Fines on Banks for Climate Failures

Jun 5, 2024, 07:45 AM

The European Central Bank (ECB) is set to impose first-ever fines on several euro zone banks for failing to adequately address climate risks. This unprecedented move aims to enforce the ECB's climate goals and distinguish its approach from that of the US Federal Reserve. ECB officials, including Isabel Schnabel and Claudia Buch, have confirmed the institution's readiness to take this action. Although the fines are expected to be symbolic in size, they represent a historic step in the ECB's efforts to tackle climate change.