Investing.com — The European Central Bank (ECB) has fined French lender €7.55 million ($8.96 million) for failing to comply with its decision on climate-related and environmental risks, according to a statement released Friday.
The ECB said Crédit Agricole “failed to meet the materiality assessment requirement for 75 full days in 2024.” This decision can be challenged at the Court of Justice of the European Union.
The penalty comes as ECB supervisors have stepped up their scrutiny of banks’ exposure to climate risk. The central bank first provided lenders with a list of expectations before issuing binding decisions on disclosing and managing climate-related risks.
The fine, formally described as “periodic penalty payments,” totals €7,551,050 and represents one of the ECB’s enforcement actions aimed at ensuring financial institutions properly assess and disclose their climate risk exposure.
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