Extreme climatic events (typhoons, heatwaves, and floods), natural disasters, ecosystem collapse with loss in biodiversity, human inability to mitigate the effects of global warming: environmental risks are the most alarming topic under discussion. This is what has emerged for the second consecutive year from the global Risks Report, published by the World Economic Forum on occasion of the last meeting in Davos. It is interesting to notice how the perception of risk has changed over the last ten years: during the period 2008-2010, the economy and the geopolitics were the unknowns that dominated the scene. On the contrary, from 2011 onwards, the environmental issues have gained the first place, with a peak of concern recorded between 2017 and 2018. Climatic change is ultimately changing the risk management strategies of big companies and of public-private institutions all around the world. In particular, many energy utilities are aware that in a few years they could lose huge profits due to the obsolete and no longer profitable existing infrastructure, such as coal-fired power plants. As a result, the so-called “carbon risk”, the financial risk associated with global pollution and CO 2 emissions, is gaining increasing importance in the investment decisions of banks, governments and fund managers.