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ARTICLE · 21 JUNE 2022

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ECB-SSM: Updated Report - Guidance On Climate And Environmental Risks

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In total, the ECB-SSM assessed 109 banks that were classified as significant institutions as of 1 August 2021.

European UnionFinance and Banking
Michael Huertas
Michael Huertas
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QuickTake

On 14 March 2022, the European Central Bank (ECB), acting in its role at the head of the Single Supervisory Mechanism (SSM) at the head of the Banking Union, published1 its updated assessment report (the 2022 Report) on the progress European banks have made in implementing climate-related and environmental (collectively, C&E) risks disclosure expectations. These expectations were first set out in the ECB-SSM's November 2020 Guide on C&E risks (the November 2020 Guide).2

Consequently, the 2022 Report sets out the results of the ECB-SSM's assessment of Banking Union supervised institutions' (BUSIs') compliance with the standards set out in the November 2020 Guide. The 2022 Report also follows on from and supplements the ECB-SSM's November 2021 report on BUSI's C&E risk management.3 The ECB-SSM concluded in the November 2020 Guide and in the 2021 Report that virtually none of the SSM supervised institutions in the scope of the assessment would meet the

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