LONDON - European Union (EU) banks have done little to adapt to new environmental, social, and governance-related (ESG) risks, according to US asset-management firm BlackRock in a report tasked by the European Commission.
Implementation of new ESG measures "needs to be accelerated", it said.
Awareness of ESG risks in lending policy and stress testing was sometimes "superficially" applied, "limited ... in scope", and "at an early stage", it added.
