Taking a starting point in the latest climate science, this report categorizes climate change risk according to timeframe and probability by region and highlights risks that require immediate attention from investors. Complementing the recent recommendations from the Financial Stability Board’s Task Force on Climate-Related Financial Disclosure to disclose potential impacts of climate-related risks and opportunities, guidance on scenarios for stress-testing is also provided. The report finds that some impacts are already happening earlier than anticipated and new ones are expected in the time horizon used by investors.