The coronavirus pandemic had the potential to push climate risk cleanly off the global regulatory agenda, much as the financial crisis had done more than a decade earlier. Instead, central bankers have doubled down on multilateral plans since March, treating the economic wreckage of the virus as a warning of the kind of shocks that will occur with alarming frequency due to climate change.

In May, Luiz Pereira da Silva, deputy general manager of the Bank for International Settlements (BIS)