Resources

The review looks at the current literature and evidence on climate-related financial risk, particularly in Emerging Market and Developing Economies (EMDEs), and its interactions with and implications for the international financial architecture.

It includes a focus on investment and growth and puts forward a set of key evidence gaps which further work could look to address.

This literature review was commissioned by DESNZ and produced by Adam Smith International, Columbia Center on Sustainable Investment, and The Carbon Trust. This followed a recommendation from institutional investors in the ‘UK as a Climate Finance Hub’ report (February 2025) to investigate the cost of inaction from a delayed transition in EMDEs.

The findings and interpretations presented in the review do not necessarily represent the views of participating organisations, including HM government.