On 24 May 2022, the Bank of England published the results from its inaugural Climate Biennial Exploratory Scenario (CBES).

The CBES set out to understand the level of climate-related risk that financial institutions, as well as the wider financial system, are exposed to under different climate scenarios.

The briefing covers the following:

• The critical role MPs must play in reducing the level of climate risk the financial system is exposed to.
• The top three headline findings of the CBES.
• Next steps for the Bank of England.