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The ECB carried out simulation work at more than 2 900 euro zone banks to find out how they would deal with the effects of climate change, including natural disasters and the introduction of emission reduction strategies.
The ECB concluded this after calculating the potential future impact of climate change on 4 million European businesses and 1,600 1,600 banks in the next 30 years.
But, for only four countries, the increase would be nearly double that.
The ECB has detected a large concentrate of risks in some of the largest banks as being among the most polluted firms.
These risks are disproportionately distributed throughout Europe, with northern regions more vulnerable to flooding and southern countries more vulnerable to heat stress and wildfires.