Despite widespread recognition among financial regulators and central banks that climate change may threaten financial stability, the causes and consequences of climate-related systemic financial risk remain underexplored. Stress testing has emerged as one of the most prevalent regulatory tools for addressing climate-related financial risks, and this article analyzes the role of stress testing in mitigating the effects of climate change on financial stability. Specifically, it synthesizes the multi-disciplinary literature on climate-related financial risk, financial stability, and stress testing to develop a framework for evaluating the capacity and effectiveness of stress tests for measuring and managing climate-related systemic financial risk. It then takes stock of climate stress testing proposals and early practices globally and applies the evaluative framework in comparative case studies of the Bank of England and US Federal Reserve. It concludes that stress testing can support the measurement and management of both microprudential and macroprudential climate-related financial risks, but the benefits of stress testing vis-à-vis climate change and financial stability are largely unrealized. Addressing the disconnect between climate stress testing policy motivation and implementation as well as the divergence between leading and lagging jurisdictions will require both interagency and international regulatory cooperation.

尽管金融监管机构和中央银行普遍认识到气候变化可能威胁金融稳定，但与气候相关的系统性金融风险的原因和后果仍未得到充分探索。压力测试已成为应对气候相关金融风险最普遍的监管工具之一，本文分析了压力测试在减轻气候变化对金融稳定的影响方面的作用。具体来说，它综合了关于气候相关金融风险、金融稳定性和压力测试的多学科文献，以开发一个框架来评估压力测试在衡量和管理气候相关系统性金融风险方面的能力和有效性。然后评估全球气候压力测试提案和早期实践，并将评估框架应用于英格兰银行和美联储的比较案例研究。它的结论是，压力测试可以支持微观审慎和宏观审慎气候相关金融风险的衡量和管理，但压力测试对气候变化和金融稳定的好处在很大程度上尚未实现。解决气候压力测试政策动机和实施之间的脱节以及领先和落后司法管辖区之间的分歧将需要机构间和国际监管合作。它的结论是，压力测试可以支持微观审慎和宏观审慎气候相关金融风险的衡量和管理，但压力测试对气候变化和金融稳定的好处在很大程度上尚未实现。解决气候压力测试政策动机和实施之间的脱节以及领先和落后司法管辖区之间的分歧将需要机构间和国际监管合作。它的结论是，压力测试可以支持微观审慎和宏观审慎气候相关金融风险的衡量和管理，但压力测试对气候变化和金融稳定的好处在很大程度上尚未实现。解决气候压力测试政策动机和实施之间的脱节以及领先和落后司法管辖区之间的分歧将需要机构间和国际监管合作。