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The value of financial assets exposed to transition risk is potentially very large.
暴露在轉型風險之下的金融資產的價值可能非常大。
According to Carbon Tracker, a climate think-tank, around $18trn of global equities, $8trn of bonds and perhaps $30trn of unlisted debt are linked to high-emitting sectors of the economy.
根據氣候智庫“碳追蹤”(Carbon Tracker)的數據，全球約18萬億美元的股票、8萬億美元的債券，或許還有30萬億美元的未上市債券，都與經濟中的高排放行業有關。
That compares with the $1trn market for collateralised debt obligations (or CDOs) in 2007, which were at the heart of the global financial crisis.
這與2007年1萬億美元的債務抵押債券(CDO)市場形成了鮮明對比，后者是全球金融危機的核心。
The impact of losses, however, would depend on who owns the assets.
然而，損失產生的影響將取決于誰擁有這些資產。
Regulators might be especially concerned about the exposures of large, “systemically important” banks and insurers, for instance.
例如，監管機構可能特別關注“具有系統重要性”的大型銀行和保險公司的風險敞口。
Preliminary stress tests conducted by central banks suggest that the impact of climate change on these sorts of institutions might be manageable.
央行進行的初步壓力測試表明，氣候變化對這類機構的影響或許可控。
In April the Banque de France (or BdF) released the results from such an exercise.
今年4月，法國央行(Banque de France，簡稱BdF)公布了測試結果。
It found that French banks’ exposures to transition risks were low.
報告發現，法國銀行的轉型風險敞口很低。
Claims on insurers, though, did rise as a result of worse droughts and flooding, by more than five times in some regions.
然而，更嚴重的干旱和洪水導致保險公司給付的保險金有所增加，某些地區甚至增加了五倍以上。
In a recent paper the ECB and the European Systemic Risk Board found similar results.
在最近的一份報告中，歐洲央行和歐洲系統風險委員會(European Systemic Risk Board)發現了類似的結果。
The exposures of euro-area banks and insurers to the highest-emitting sectors were “limited”, although losses in a “hot-house world” scenario where temperatures rise by 3.5°C compared with pre-industrial times were more severe.
歐元區銀行和保險公司對高排放行業的風險敞口“有限”，盡管它們在“溫室世界”(溫度比工業化前高3.5攝氏度)的情況下損失更嚴重。
Still, in both cases, banks’ losses on their corporate loan books were only around half the level of those in the regular stress tests of euro-area lenders, which they were deemed to be well-capitalised enough to pass.
盡管如此，在這兩種情況下，銀行在公司貸款賬簿上的損失僅為歐元區銀行定期壓力測試水平結果的一半左右，但人們往往認為歐元區銀行資金充足，更能通過壓力測試。
Those findings are consistent with an exercise by the Dutch central bank (or DNB) in 2018, which found that the impact on Dutch financial firms from transition risks was “manageable”.
這些發現與荷蘭央行(DNB) 2018年的一項研究一致，該研究發現轉型風險對荷蘭金融企業的影響是“可控的”。
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