Acting early to tackle climate change has “clear economic benefits”, according to the results of the first climate stress test applied to more than four million companies and 1,600 banks in the euro area, published by the European Central Bank (ECB) on Wednesday 22 September.
According to the authors of the report, “the short-term costs of the transition pale in comparison to the costs of unfettered climate change in the medium to long term”. And “the early adoption of policies...