European Central Bank Fines Abanca Over Climate Risk Assessment Gaps
The ECB (European Union monetary authority) imposed a penalty on Spain’s Abanca after finding deficiencies in its climate risk evaluation process.
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Terms & Concepts
European Central Bank (ECB): The central bank for the eurozone, responsible for monetary policy and financial supervision within members of the European Union.
Climate Risk Assessment: A process to evaluate potential impacts of climate change on financial stability or specific institutions.