The new Polish government is driving a hard anti-climate course. But this could come at a tough financial price. Our study demonstrates how deep Polish financial institutions are invested in the fossil fuel industry. The Polish pension fund sector, for example, has invested twice as much as the EU average in fossil fuels. The Poland finance industry is deep inside the carbon bubble. Our study shows, only a quick and ambitious transition to a low-carbon economy can bring Poland onto a sustainable path and simultaneously minimise risks to its financial system.