The European Central Bank and eurozone national central banks today (January 24) published a preliminary set of indicators to analyse how climate change affects the financial sector.
Exposures due to physical risk amount to as much as €6 trillion ($6.5 trillion) for water stress, the ECB estimated, while wildfires could cost the eurozone a further €5 trillion.
The ECB made the commitment to publish indicators as part of its action plan to include climate change in its monetary policy strategy
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