- Several lenders didn’t progress enough on risk assessment
- Fines per day can technically be up to 5% of daily revenue
The European Central Bank (ECB) is set to take the unprecedented step of imposing fines on several lenders for their protracted failure to address the impact of climate change, according to Bloomberg. As many as four lenders face penalties after not meeting deadlines set by the ECB for assessing their exposure to climate risks, according to people familiar with the matter. The amounts aren’t final yet and may be largely symbolic, the people said.