Two Lenses on Climate Risk: A Dual Macroeconomic Reading of the NGFS Short-Term Scenarios
By Network for Greening the Financial System
In May 2025, the NGFS released its first vintage of short-term climate scenarios. Since the models used to generate these scenarios were new to most of its membership, the NGFS commissioned a second team to reproduce some of the narratives using a more familiar model (the NiGEM model, already used in the NGFS long-term scenarios) to provide an additional assessment of the macrofinancial dynamics…
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