In this insightful interview, Ajay Gambhir, Director of Systemic Risk Assessment at ASRA, discusses the intricate and often overlooked interconnections in climate change mitigation. He explains how traditional climate risk models fail to capture these complexities, highlighting the importance of considering both transition risks and physical climate risks. Ajay also emphasises the value of narrative-based scenarios and worst-case analyses in improving financial institutions' risk management strategies and integrating climate risk assessment with other forms of crisis preparedness.