In the following risk events faced by commercial banks, the transition risk is ()

Transformation risk refers to the risk of bank losses caused by changes in climate policy, technological innovation and market sentiment in the process of social transformation to sustainable development. The carbon emission reduction policy leads to the decline of the solvency of "brown" corporate customers and the increase of bank credit risk.

Physical risk refers to the risk of property loss caused by extreme weather, natural disasters and related events, which is particularly prominent in the current global warming background.

ABC is physical risk and d is transformation risk.