The European Central Bank said on Thursday (8 July) that it would further incorporate climate change considerations into its monetary policy, including on disclosure, risk assessment, and decisions on collateral and corporate sector asset purchases.
Banks in the European Union must have a 10-year plan spelling out how they will deal with environmental, social and governance (ESG) risks to their bottom line, the bloc's banking watchdog said on Wednesday (23 June).
More and better data is needed to improve knowledge of how to adapt to climate change, according to the European Commission's new adaptation strategy, which immediately came under fire from green activists for missing binding targets.
The EU's climate adaptation strategy, due to be unveiled on Wednesday (24 February), will aim to tackle the human cost of climate change, both within Europe and around the world, amid calls from trade unions to reinforce protection for the most exposed workers.
The Berlin-based think tank Germanwatch published its Climate Risk Index for this year just in time for the virtual Climate Adaption Summit (CAS2021). The Global South tends to suffer more from extreme weather than the North, but Germany is also been among the 20 most severely affected countries worldwide over the past 20 years.
Climate change will be key to the review of the European Central Bank's policy, its president, Christine Lagarde, announced on Monday (25 January), marking a possible shift towards 'greener' monetary policy.
Insurance companies have accelerated their withdrawal from coal this year, making it costlier to secure insurance for new projects. However, the insurance industry is still underwriting oil and gas companies, according to new research.
The European Union's strategy to adapt to the risks of climate change needs to be much more proactive and ambitious in order to reduce the risk of natural disasters such as flooding, insurers said in response to a consultation on the issue.
The EU Green Deal “needs digitalisation as an enabler for decarbonisation” in all sectors of the economy, including transport and energy, the European Commission says in a draft policy document, seen by EURACTIV.
In a note published on Friday (25 October), the Bank of France noted that the risks associated with climate change are taken into account in a "partial and heterogeneous" manner by France's financial institutions. EURACTIV's partner La Tribune reports.
Nations across the globe should step up preparations against global risks such as climate change and cyber attacks, EU officials say, as these areas remain the most pressing for global experts surveyed ahead of this year's World Economic Forum (WEF) taking place in Davos next week.
While the assessment of financial risks caused by climate change – like floods and storms – is becoming more widespread in the financial community, the evaluation of broader environmental risks like deforestation or ocean pollution is still a major blank spot for bankers.
Oil majors are “lagging” when it comes to preparing for the low-carbon energy transition, according to a new report from financial watchdog CDP, which nonetheless praised BP, Eni, Equinor, Total, Repsol and Shell for taking the industry’s lead.
The European Commission is preparing to launch a “risk data hub” in the coming months that will help map out loss and damage from natural disasters such as floods, droughts, storms and other extreme weather events that are becoming more frequent with climate change.
87% of assets managed by the world’s 100 largest public pension funds are yet to undergo formal climate risk assessment, according to research published on Tuesday (23 October), with only 15% of them adopting a coal exclusion policy.
A group of financial experts has set out their vision for hardwiring sustainability goals into the European Union’s financial system, calling on 28-country bloc to stop pouring public money into polluting fossil fuels and focus spending on clean energies instead.
INTERVIEW / As the G20 opens in Hamburg this week, Europe needs to reflect on how it can push the global green finance agenda without the United States on board, said Christian Thimann, head of sustainability at French insurance group AXA who chairs an EU high-level group on sustainable finance.
Over 100 business leaders worldwide have backed the final recommendations of a global task force set up by the G20 to disclose how companies manage climate-related risk, in a move that could divert trillions of investments away from polluting fossil fuels.
The mid-term review of the EU’s Capital Markets Union initiative, due on Wednesday (7 June), will mark another step towards the mainstreaming of green finance in Europe, a senior EU official told EURACTIV.