This report systematically introduces the definition and various scenarios of climate risk，discusses ESG investment in response to climate change，and evaluates the quality and performance of climate-related financial disclosure of China’s A-share and Hong Kong’s H-share listed mainland companies，with the ESG and TCFD reports issued by more than 5，000 domestic listed mainland companies as samples，for the year 2022. The research finds that：1）climate-related financial disclosures of Chinese companies are still in their infancy，but not significantly lagging behind；2）capital market sector companies have a pioneering power in climate-related financial disclosures；and 3）climate-related strategic and risk information disclosures and mechanism development of Chinese listed companies need to be enhanced. In this paper，the research on climate-related disclosures also introduces the cases of climate risk assessment，stress testing in the banking industry，and related assessment tools，which provides a theoretical framework and practical reference for enterprises and financial institutions to improve the ESG investment system under climate risk.