ECB begins issuing fine notices to banks not meeting climate expectations

Appointed in mid-2021, Irene Heemskerk has been a key figure in defining and coordinating the ECB's efforts in tackling climate change. Picture: Getty Images 

The European Central Bank has started issuing fine notices to lenders not meeting its long-defined expectations on disclosing and managing climate risk, said Irene Heemskerk, the head of the ECB's climate change centre.

The ECB has long complained that banks are not meeting its supervisory expectations on climate issues and warned there would be financial consequences if interim deadlines or its year-end target date are missed.