The European Central Bank has warned about 20 lenders that it will impose fines unless they address shortcomings in their management of climate risk, according to people familiar with the matter.
Europe plans to funnel hundreds of billions of euros into sustainable investments each year through EU banks and markets to create the first "climate-neutral continent" by 2050.
The European Central Bank should not favour so-called "green" assets in its multi-trillion-euro bond-buying programme or its work as bank supervisor, incoming ECB board member Isabel Schnabel says.
