This Chapter reports the findings of the 2024 climate risk survey carried out by the Bank of Italy among Italian non-financial corporations. The survey collected firm-level data on greenhouse gas emissions, exposure to climate events, governance practices, and transition strategies to improve the ICAS. The results highlight notable weaknesses in firms’ climate risk management: limited monitoring of emissions, scarce transition plans, and underestimation of physical risks. Sectoral differences emerge, with manufacturing firms generally more advanced in governance and target setting than services and agriculture. Integrating granular firm-level data into ICAS reveals significant divergences from sectoral averages, particularly in transition risk, leading to more downgrades under climate stress tests. These findings confirm the importance of firm-specific information for capturing vulnerabilities hidden by aggregated proxies. They also underline the need for stronger governance and reporting practices to enhance the integration of climate-related risks into credit assessments and to align with Eurosystem standards.

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The Climate Risk Survey

  • Francesca Colletti,
  • Francesco Columba,
  • Manuel Cugliari,
  • Alessandra Iannamorelli,
  • Paolo Parlamento,
  • Laura Tozzi

摘要

This Chapter reports the findings of the 2024 climate risk survey carried out by the Bank of Italy among Italian non-financial corporations. The survey collected firm-level data on greenhouse gas emissions, exposure to climate events, governance practices, and transition strategies to improve the ICAS. The results highlight notable weaknesses in firms’ climate risk management: limited monitoring of emissions, scarce transition plans, and underestimation of physical risks. Sectoral differences emerge, with manufacturing firms generally more advanced in governance and target setting than services and agriculture. Integrating granular firm-level data into ICAS reveals significant divergences from sectoral averages, particularly in transition risk, leading to more downgrades under climate stress tests. These findings confirm the importance of firm-specific information for capturing vulnerabilities hidden by aggregated proxies. They also underline the need for stronger governance and reporting practices to enhance the integration of climate-related risks into credit assessments and to align with Eurosystem standards.