Climate change has been recently recognised as a new source of risk for the financial system. Over the last years, several central banks and financial supervisors have recommended investors and financial institutions to assess their exposure to climate-related financial risks. Central banks and financial supervisors have also started to design scenarios for climate stress tests - to- assess how vulnerable the financial system is to climate change. Nevertheless, the financial community falls short of methodologies that allow the successful analysis of the risks that climate change poses to financial stability. Indeed, the characteristics of climate risks (i.e., deep uncertainty, non-linearity and endogeneity) challenge traditional approaches to macroeconomic and financial risk analysis. Embedding climate change in macroeconomic and financial analysis using innovative perspectives is fundamental for a comprehensive understanding of the macrofinancial relevance of climate change. This Special Issue is devoted to the relation between climate risks and financial stability and represents the first comprehensive attempt to fill methodological gaps in this area and to shed light on the financial implications of climate change. It includes original contributions that use a range of methodologies – such as network modelling, dynamic evolutionary macroeconomic modelling and financial econometrics – to analyse climate-related financial risks and the implications of financial policies and instruments aiming at the low-carbon transition. The research insights of these contributions can inform the decisions of central banks and financial supervisors about the integration of climate change considerations into their policies and financial risk assessment.

最近，气候变化已被认为是金融系统新的风险来源。过去几年中，几家中央银行和金融监管机构已建议投资者和金融机构评估其与气候相关的金融风险的敞口。中央银行和金融监管机构也已开始设计气候压力测试的方案，以评估金融体系对气候变化的脆弱程度。尽管如此，金融界仍缺乏能够成功分析气候变化对金融稳定构成风险的方法。确实，气候风险的特征（即深层不确定性，非线性和内生性）挑战了传统的宏观经济和金融风险分析方法。使用创新的观点将气候变化嵌入宏观经济和金融分析中，对于全面了解气候变化的宏观财务意义至关重要。本期专刊致力于气候风险与金融稳定之间的关系，它是对这一领域填补方法上的空白并阐明气候变化的财务影响的首次全面尝试。它包括使用一系列方法（例如网络建模，动态演化宏观经济建模和金融计量经济学）的原始贡献，以分析与气候相关的金融风险以及针对低碳转型的金融政策和工具的含义。