In 2015, just before the signing of the Paris climate accord, Mark Carney, the governor of the Bank of England (BoE), gave an historic speech warning that climate change poses escalating risks to global financial stability. Now, more than 40 central banks and regulators from countries that account for about 44% of global GDP have come together to address that threat. Through the Network for Greening the Financial System, the Bank of France, the BoE, the European Central Bank, the People’s Bank of China, and other major central banks – with the notable exception of the US Federal Reserve – are developing new regulatory standards and analytical tools for the age of climate change.