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the following article is inserted: ‘Article 45a Climate change scenario analysis 1. For the purposes of the identification and assessment of risks referred to in Article 45(2), the undertaking concerned shall also assess whether it has any material exposure to climate change risks. The undertaking shall demonstrate the materiality of its exposure to climate change risks in the assessment referred to in Article 45(1). 2. Where the undertaking concerned has material exposure to climate change risks, the undertaking shall specify at least two long-term climate change scenarios, including the following: 3. At regular intervals, the assessment referred to in Article 45(1) shall contain an analysis of the impact on the business of the undertaking of the long-term climate change scenarios specified pursuant to paragraph 2 of this Article. Those intervals shall be proportionate to the nature, scale and complexity of the climate change risks inherent in the business of the undertaking, but shall be no longer than three years. 4. The long-term climate change scenarios referred to in the paragraph 2 shall be reviewed at least every three years, and updated where necessary. When reviewing the long-term climate change scenarios, insurance and reinsurance undertakings shall take into account the performance of tools and principles used in previous climate change scenarios, so as to enhance their effectiveness. 5. By way of derogation from paragraphs 2, 3 and 4, small and non-complex undertakings shall not be required to specify climate change scenarios or assess their impact on the business of the undertaking.’ ; a long-term climate change scenario where the global temperature increase remains below two degrees Celsius; a long-term climate change scenario where the global temperature increase is significantly higher than two degrees Celsius.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.