We stress test the global economy to extreme climate change-related shocks on large and interconnected economies. Our analysis (i) identifies large and interconnected economies vulnerable to climate change-related shocks; (ii) estimates these economies’ external financing needs-at-risk due to these shocks, and (iii)quantifies the spillovers to the global economy using a global network model. We show that large andinterconnected economies vulnerable to climate change could trigger a drain of $1.8 trillion in international reserves(2 percent of 2019’s global GDP). Domestic and multilateral macroeconomic policies can help reduce these globallossess to about $0.8 trillion. The scenario highlights the importance of considering global spillovers when assessingthe impact of climate change-related shocks.