European authorities have told banks for the first time to takeaccount of environmental risks in lending decisions, ramping uppressure on the financial industry to respond to climatechange.
In lending guidelinesissued Friday, the European Union's top banking regulator saidbanks must incorporate climate considerations in credit policies.Banks should also assess whether borrowers could be liable forcontributing to global warming.
The Paris-based European Banking Authority called the move a"significant step" in the EU's fight against climate change.
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