In this episode of the GRU, we host Raf Hussain (Global Head of Strategic Planning and Stress Testing at HSBC) and Ben Carr (Analytics and Capital Modelling Director at Aviva) to discuss an important area of public/private research and policy analysis within sustainable finance – the relationship between climate-related risks and the capital framework. The discussion covers key topics including the role of microprudential and macroprudential policy, climate scenario analysis and stress testing by banks and insurers, and perspectives on future research and development to improve our understanding and management of climate-related risks and opportunities.