European Systemic Risk Board (ESRB)

The ESRBOpens in new window, in light of its responsibility for the macroprudential oversight of the EU financial system, is analysing what challenges climate change poses to financial stability.

In 2020 it published an initial report exploring the potential impact for financial stability stemming from climate change and the main analytical challenges ahead. Then, in 2021 – jointly with the European Central Bank – it published a second report conducting a deeper analysis of climate risk drivers and the quantification of the impact on the financial system.

Its key publications in this area are: