In this report, Banque de France identifies climate‑related risks as a source of financial risks, assesses their potential financial and macroeconomic impacts, and highlights the opportunities associated with financing a transition to a low-carbon economy. Specifically, the report explores the consequences of climate change for goods and services price dynamics and, more broadly, for economic growth. It also reinforces the need for central banks to explore the implications of climate change for their price stability mandate and monetary policy. Consequently, the ideas developed in this report are rooted in two convictions: that central banks’ mandates compel them to take account of climate change and that, in order to do so, they have several tools at their disposal that can be activated.