"The transition to a zero-emission economy is essential to limit the negative impact of climate change and has become one of the most urgent priorities worldwide. If we continue like this, the risks and costs for the economy and the financial system will increase". This was a lapidary comment Luis de Guindos , vice president of the European Central Bank, from September 6 on the occasion of the publication of the second climatic stress test , which was developed by the Frankfurt Institute.   A study of 2.9 million non-financial companies and 600 banks in the euro area assesses the impact three possible transition paths , which differ in terms of timing and level of ambition, and quantifies investment needs, economic costs and risks for businesses. , families and institutions. Based on the first climate stress test that the ECB carried out in 2021, the report presents   three key innovations .