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ECB fines Crédit Agricole over non-compliance on climate-related risk

WTVB · last updated

FRANKFURT, Feb 13 (Reuters) – The European Central Bank imposed a ​7.55 million euro ($8.96 ‌million) fine on French lender Crédit Agricole for failing to comply ‌with ​its decision ⁠on climate-related and ⁠environmental risks, it said on Friday.

“Crédit Agricole failed to meet ​the materiality assessment requirement for 75 ⁠full days ⁠in 2024,” the ​ECB said in a ​decision that may be ‌challenged at the Court of Justice of the European Union.

ECB ⁠supervisors have been increasingly intrusive in probing banks’ exposure ⁠to ‌climate risk, ⁠first giving lenders ​a ‌list of expectations, ​then binding ⁠decisions on disclosing and managing risk.

($1 = 0.8427 euros)

(Reporting by Balazs Koranyi; Editing by Sharon ​Singleton)

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