We conducted a systematic literature review of 98 peer-reviewed journal articles on climate financial risks published between 2001 and 2023 from Scopus and Google Scholar databases. Our analysis revealed a notable increase in climate financial risks literature in the last eight years, with most studies focusing on climate financial risk assessments, indicating the growing interest and urgency of the topic. The literature also addressed three other key issues: corporate management of climate financial risks, climate financial risk policies, and design and review of climate adaptation instruments. We identified several opportunities for future research, including developing risk measures and assessment methodologies, understanding the factors that can support climate financial risk management, evaluating the effectiveness and financial impact of climate financial risk policies, and supporting the development of financial innovations to manage climate risks. Our study provides a valuable overview of the current state of climate financial risk literature and potential future research directions, which can help inform decision-making processes and contribute to developing more effective strategies for managing climate financial risks.