ECB publishes review of industry capability to address climate and environmental risks
ECB has published its thematic review into climate and environmental risks following its 2022 climate stress test. The review acknowledges that firms have recognised the materiality of both physical and transition risks however it concludes that institutions continue to significantly underestimate the breadth and magnitude of the risks.
The report states that blind spots in the identification of risks in key sectors, geographies and risk drivers were identified in 96% of the 186 firms assessed. Areas of good practice were however identified in numerous institutions and these have been shared in a compendium of good practice.
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