European Central Bank pushes banks to speed up climate work

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — The European Central Bank is warning that many financial institutions are moving too slowly to shield themselves and Europe’s banking system from the impact of climate change. It also set new deadlines to meet those requirements. The ECB says some progress had been made but that a review of 186 banks published Wednesday showed that change was uneven and that “the glass remains half full.” The bank set progressive deadlines for banks to meet climate requirements by the end of 2024. Both the ECB and the Bank of England have taken climate change into account more than the U.S. Federal Reserve.