Measures at the EU level are being complemented by action in individual Member States, while action is also being taken at individual state level in the United States. Not only public authorities and non-governmental organisations acknowledge these physical and transition risks of the climate and environmental crises for the financial sector.
Banks themselves are also telling us that they see these risks as material to their risk profiles in the near term. Put simply, climate-related and environmental risks cannot be ignored and, fortunately, they are no longer being ignored. On the contrary, they are being taken very seriously.