The Advisory Scientific Committee (ASC) of the ESRB carried out an analysis of systemic risks that can arise from the transition to a low-carbon economy. Three channels that could affect the financial sector were identified: • sudden changes in energy use, characterized by price shocks that could have a significant macroeconomic impact; • the revaluation of carbon-intensive assets: companies in the oil and gas sectors, which are financed in large part by debt, could sustain considerable decreases in value; • an increase in the physical risks associated with climate change: a rise in the incidence of natural disasters could have a significant impact on the insurance sector.