The 4th Annual Workshop of the ESCB Research Cluster on Climate Change (RCCC) and the 5th Workshop of the NGFS Expert Network on Research (EN Research) will be held as a joint event at Banco de España on 4–5 December 2025, co- organized by Banco de España, Bank of England and the NGFS EN Research. This marks the first time the two networks come together to advance applied research on the risks and opportunities that climate change poses to macro-financial stability and banking supervision. The RCCC is one of the research clusters established by the ESCB Heads of Research Committee to foster collaboration among central banks on shared topics of interest. It is open to economists and experts from all Eurosystem policy areas. The NGFS EN Research, in turn, brings together central bank and supervisory specialists from around the world to promote cutting-edge research in sustainable finance.