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Sustainability risk refers to the uncertainty in being able to sustain the growth of a given system (a corporation, household, community or economy) because certain practices may have negative externalities which result in the dilapidation of value chain of the system over a period of time or impact other related systems. Specifically, sustainability risk also includes the risk from ESG topics impacting on a company’s strategy and direction.

The EBA defines ESG risks as “the risks of any negative financial impact on the institution stemming from the current or prospective impacts of ESG factors on its counterparties or invested assets.”[111] For more details, we refer to chapter 15.