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FRANKFURT (Reuters) – Euro zone banks face significant climate-change related risks and must build capacity now to manage these, even if climate issues tend to materialize over longer periods, European Central Bank supervisor Andrea Enria said on Wednesday.
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“An abrupt transition to a low-carbon economy would have a severe impact on climate-sensitive economic sectors, triggering an increase in banking system losses of up to 60% compared with a baseline scenario,” Enria said in a speech.
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(Reporting by Balazs Koranyi; Editing by Alex Richardson)
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