On May 4, 2021, the Autorité de contrôle prudentiel et de résolution (“ACPR”  –  the French Prudential Supervision and Resolution Authority) published a first assessment of financial risks stemming from climate change and the main results of a climate pilot exercise (which many have referred to as a climate risk “stress” test) conducted between July 2020 and April 2021 and covering 9 banking groups and 15 insurance groups (including several public sector financial institutions), together representing 85% of French banks’ total assets and 75% of French insurers’ technical provisions and assets, respectively.

Continue reading on MayerBrown.com for more details on the objectives and features of the pilot exercise, as well as additional work required.