On July 8, 2022, the European Central Bank ("ECB") released the results from its annual stress tests, this year focused on banks' ability to incorporate climate risk stress testing into their risk management frameworks. The report found that most banks have not developed the adequate processes to incorporate climate risks into their stress-testing framework. The ECB will not issue any immediate binding decisions on banks. The ECB performed the review as a learning exercise, in which they will take the results and incorporate them into their upcoming guidance.