A bold step forward in climate-related financial risk supervision

Banque de France’s Denis Beau explains the results of a pilot exercise, and what comes next

Green finance

The pilot exercise on climate risk conducted by France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) is unprecedented. It is the first time a supervisor has organised such a comprehensive and challenging exercise for the banking and insurance groups under its responsibility, to assess their exposure and potential responses to the transition and physical risks related to climate change.

Those physical and transition risks may have different but cumulative impacts. The ACPR, with the

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