The climate pilot exercise conducted by the ACPR is unprecedented. It is the first time that a supervisory authority organised with the banking and insurance groups under its responsibility such a comprehensive and challenging exercise to assess the risks associated with climate change. Its unprecedented and ambitious nature lies in the time horizon over which the risks were assessed (30 years), the methodologies used (analysis of scenarios broken down by economic sector), its innovative hypotheses (notably the dynamic balance sheet), its coverage of physical and transition risks, and the fact that the participating institutions directly assessed their risks on the basis of common hypotheses. It illustrates the leading role played by the French financial authorities and the Paris financial centre and the progress made in the fight against climate change since the adoption of the Law on Energy Transition and Green Growth and the signing of the Paris Agreement in 2015.