Climate change poses a major risk to the global economy: It affects the wealth of societies, the availability of resources, the price of energy and the value of companies. The financial industry has a two-fold responsibility. On the one hand, it needs to prepare itself for the negative effects that climate change may have on its business and on its customers. On the other hand, it can significantly help mitigate the economic risks and enter the low-carbon economy by providing appropriate products and services. The report identifies risks for the sector which are due to climate change, and develops actions that demonstrate how integrated financial services companies, such as Allianz Group, can turn these risks into opportunities.