The United Nations Environment Programme has recently published the 2024 Climate Risk Landscape Report, which emphasises the need to take urgent action to address climate change in light of the record-breaking temperatures in 2023. The report highlights the critical role of the financial sector in integrating climate-related risks into strategic frameworks. It also provides insights into the tools available for financial institutions to assess physical and transition climate risks, while discussing the evolving regulatory landscape for climate-related disclosures and recent market developments. The report aims to help banks, insurers, and investors enhance climate risk management and support the global sustainability transition.