The Governing Council of the European Central Bank (ECB) has decided to introduce a new measure within the collateral framework to better manage financial risks related to the climate crisis . It is a 'Climate factor' to protect the Eurosystem against potential decline in value of collateral in event of adverse climate-related transition shocks. From the second half of 2026 onwards, this will act as a buffer against the possible financial impact of uncertainties related to climate change.