NGFS Climate Scenarios Phase II – Launch Event

"On 7 June 2021, the Bank of England and the Network for Greening the Financial System (NGFS) launched Phase II of the NGFS Climate Scenarios. Since Phase I, the scenarios have been brought up to date, including by incorporating countries’ commitments to reach net-zero emissions, and now include an expanded set of macroeconomic indicators, as well as a brand new online portal through which users can explore the physical risks from climate change.
Sarah Breeden (Executive Director, UK Deposit Takers Supervision, Bank of England ; Chair of the NGFS workstream responsible of the design of the NGFS scenarios) presented the scenarios, along with the consortium of scientists and modellers who helped produce them. The Institute of International Finance also presented preliminary findings from their industry survey of firms’ use of climate scenarios and led a discussion of how firms use scenarios as a risk management tool with a panel comprising multiple international firms."