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Some euro zone banks may be fined after missing ECB climate goal

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By illuminem briefings

· 1 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: Some euro zone banks may face fines after failing to meet the European Central Bank’s (ECB) climate-related goals, according to a senior ECB supervisor

🔭 The context: The ECB has set deadlines for banks to incorporate climate risks into their operations, but several banks have missed these milestones and may be penalized up to 5% of their daily turnover

🌍 Why it matters for the planet: Ensuring banks factor in climate risks is critical for financial stability and the transition to a sustainable economy

⏭️ What's next: The ECB’s Supervisory Board will assess compliance documents and decide on potential penalties

💬 One quote: "We have notified a few banks that... they have not met the interim milestones," said Kerstin af Jochnick, ECB Supervisory Board member

📈 One stat: Some banks may be fined up to 5% of their daily turnover

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