Climate scenarios for financial risk management and planning are constantly in need of updating and improving. The NGFS scenarios are no exception. The NGFS has articulated the need for a long-term engagement in climate scenario-based financial analysis to increase the coverage and integration of climate scenario products and deepen scenario uptake by the financial sector. The NGFS also identified an immediate need for a consolidation phase to consolidate the successful partnership with academia and the advancements of Phase 1 and 2. This phase aims to communicate results from Phases 1 and 2 to the broad potential user communities, educate potential users with regard to the tools that have been developed and are available to them, incorporate the lessons learned from the first two scenario phases, and update the scenario set in 2022.
