New recommendations from the European Banking Authority would require banks to focus on environmental and social risks.
Banks across Europe may have to include environmental and social risks in their capital requirements and risk management under new recommendations by the European Banking Authority EBA. “Environmental and social risks are changing the risk profile for the banking sector and are expected to become more prominent over time,” the authority said in a recent report. “They affect traditional categories of financial risks, such as credit, market and operational risks.
The new risk approach is the first in the world as the EBA is “the first authority publishing specific suggestions on how to practically incorporate E&S risk considerations into the prudential framework,” Jacob Gyntelberg, director of economic and risk analysis at the EBA, has told Bloomberg in an interview. Some banks in Europe have already started to reduce funding to oil and gas projects as part of their own climate targets.
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