July 8 (Reuters) - The European Central Bank set a new inflation target and carved out a major role in the fight against climate change, embarking on a fundamental transformation of Europe’s most powerful financial institution. > ECB tweaks inflation target, bolsters climate role > ECB adds its clout to climate change battle > HIGHLIGHTS-Lagarde comments at ECB press conference > QUOTES-Reactions to ECB’s strategy review > FACTBOX-ECB’s new inflation target and climate change policies > ECB statement on monetary policy strategy > ECB statement on policy, inflation in strategy review Compiled by Catherine Evans Our Standards: The Thomson Reuters Trust Principles.