Eurozone banks far behind in disclosing the local weather: ECB

© Reuters. FILE PHOTO: There is a Euro logo sculpture in front of the headquarters of the European Central Bank in Frankfurt

FRANKFURT (Reuters) – Only 3% of the top banks in the euro zone are disclosing all basic information about their climate-related risk, the European Central Bank announced on Friday.

"So far, practically none of the institutes would meet a minimum level of information in the context of the assessment," said the ECB in a report.

"Institutions are not yet fully disclosing their risk profile and … significant efforts are required to increase transparency in financial markets about the climate and environmental risks to which institutions are exposed," she added.

The ECB also unveiled new guidance on the issue to review the sector's progress and take action in 2022.

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