In this paper we use data on the exposure of loans, bonds, equities and other securities referred to any non-financial firms and held by banks, insurances, Spvs and other financial intermediaries towards Italian (resident) non-financial firms. We identify those sectors deemed to be «carbon-critical», i.e. particularly exposed to transition risk and any asset associated with these sectors exposed to transition risk. We find that at the end of 2019, 12% of the financial assets of banks, financial intermediaries and Spvs are potentially exposed to transition risk.
