欧洲央行：气候-生物多样性-污染关联：为欧洲工业污染者定价环境信用风险（英文版）

This study examines how euro area banks factor pollution-induced biodiversity risks into lending deci-sions, using data from 832 banks and 5,000 major polluters. Our results show that banks are increasinglypricing these risks by adjusting loan-to-value ratios and interest rates. Banks adjust lendling conditions inline with EU pollution and biodiversity protection legislation, particularly for companies with large pollu-tion footprints near biodiversity-protected areas or those contributing to