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NGFS Explores Short-Term Climate Scenarios

The Network of Central Banks and Supervisors for Greening the Financial System (NGFS) is to develop short-term climate scenarios to enhance its existing scenario framework, which primarily focuses on long-term climate projections. The introduction of short-term scenarios aims to capture the potential adverse effects of a disorderly transition and severe natural disasters in the near future. The NGFS is inviting modelling teams to express their interest in participating and contributing to the development of these short-term climate scenarios, with the analytical implementation expected to commence in Q3 2023. The project entails collaborating with the NGFS to create detailed narratives and recommendations for scenario design, shocks, calibration, and model implementation. The selected modelling team will be tasked with developing an advanced macroeconomic model capable of simulating various shocks associated with transition risks and acute physical risks at the global, country, and ideally, sector levels. Additionally, a group of experienced modelling experts will be required to support and guide the working group in interpreting and disseminating the modelling output to a broader audience. Modelling teams are requested to submit a brief Expression of Interest (EoI) by 15 June. Following the submission period, a selection committee will review the applications.

 

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