One of the main risks from climate change is the transition risk caused by government policy changes. Until recently we only knew that European Governments had promised to act, but we didn’t know what they would do. Since policy changes tend to affect relative asset values at the very least, this was a big risk. We are now beginning to find out. The EC published its legislative proposals on 24 May to implement some of the action plan arising from the work report of the High-Level Experts Group on Sustainable Finance. In the UK the Government has accepted at least the first of the recommendations from its Green Finance Task Force and the Green Finance Institute has now been announced. This is only the start of course, much more needs to follow.