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4.2 Breakdown of European firms’ exposures to climate risk 26 4.3 Breakdown of euro area bank exposures to climate risk 32 5 Transmission to firms 38 5.1 Impact of climate risk on NFC financials 39 5.2 Calculation of expected losses from physical risk 40 5.3 Impact on the median European firm 42 5.4 Impact on the highest emitting firms 44

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  European, Climate

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