ECB legal chief warns climate litigation risk is 'rapidly materialising' for financial institutions.

Chiara Zilioli, the European Central Bank's director general for legal services, highlighted that climate litigation is no longer a hypothetical threat but a rapidly materializing risk for a wide range of financial institutions, including banks, insurers, pension funds, and asset managers. This warning is based on the London School of Economics' latest annual report on climate litigation trends, which shows over 3,600 cases across 62 countries.