Climate change and environmental degradation are invariably among the biggest challenges of this century. At the 27th UN Climate Change Conference held in November 2022, world leaders and representatives of global organisations announced that the fight against climate change is tantamount to a battle for human survival. The risks caused by climate change, unprecedented in terms of probability and expected losses, already pose an all-too-real threat to the world. This report aims to communicate the position of the regulator on the matter and collect the opinion of the professional community about appropriate approaches to climate risk management by financial institutions and the possible regulation of climate risks of the financial sector. The report is expected to raise awareness among investors, financial consumers and all stakeholders about climate risks and their impact on the financial sector.