The European Central Bank has a warning for investors: Deal with the financial risks from climate change soon or we’ll do it for you. Under President Christine Lagarde, who started the job a year ago pledging to give the institution a bigger role in fighting global warming, the ECB is re-evaluating how dispassionate it should be in the marketplace. That could result in a relatively mild shift such as urging companies to better disclose the risks they face, and ratings agencies to take them into account. But it could also mean the radical step of actively judging who should benefit from the massive bond-buying programmes the ECB deploys to boost the economy. Either way, on Monday Lagarde gave her bluntest warning yet that she’s not happy with the status quo, saying that “climate risks are not adequately priced.”

Lagarde’s ECB won’t let investors delay addressing climate risk