ECB to impose first-ever fines on banks for climate failures

The European Central Bank is set to impose fines on several lenders for failing to address climate change risks. The penalties, which could reach up to 5% of a bank's daily revenue, are seen as a harsh step to push banks to manage climate risks. ECB pressure has led to results for most firms, contrasting the Federal Reserve's approach. ECB Executive Board member Frank Elderson emphasizes the importance of assessing and addressing climate risks.