NGFS seeks public feedback on climate scenarios

Paris, 6 February 2023

• Publicly accessible online survey on climate scenarios open until 27 February 2023
• All users and interested stakeholders are encouraged to participate and submit their feedback on the NGFS scenarios
• Key results will guide the NGFS scenario development work plan and ensure that the NGFS scenarios remain relevant and comprehensive for a continuously growing user base

The NGFS is launching its first user feedback survey on climate scenarios today, following the publication of the third vintage of the NGFS scenarios in September 2022.

As part of its ongoing effort to develop state-of-the-art climate scenarios that can support a large community of users, the NGFS seeks to learn from user experiences and welcomes suggestions for improvement. Therefore, scenario users and interested stakeholders from all sectors are encouraged to participate in the online survey accessible on the NGFS website over the next three weeks, until 27 February 2023. The NGFS will publish the key findings of the survey in Spring. This will serve as important input for the scenario development work plan.

“The NGFS scenarios are a global public good. They have enabled good progress in identifying and assessing climate risks in our economies and financial systems”, says Ravi Menon, Chair of the NGFS and Managing Director of the Monetary Authority of Singapore. “The NGFS is committed to regularly updating and improving its scenarios to keep them relevant. We look forward to the feedback from a broader community of users beyond the NGFS membership.”

“As the user base continues to grow, we must ensure that the NGFS scenarios remain relevant and comprehensive: evolving as times change and capturing all the ingredients needed for an increasing range of climate risk assessment applications”, says Cornelia Holthausen, Chair of the NGFS Workstream Scenario Design and Analysis and Director General for Macroprudential Policy and Financial Stability at the European Central Bank. “This survey gives voice to the broad community of users and stakeholders and will be precious to guide our work going forward.”

“This survey, along with our ongoing outreach efforts, is critical to ensuring that everyone’s views are heard as the NGFS scenarios evolve,” says Jean Boissinot, Head of the NGFS Secretariat. “Sharing a common starting point for analysing climate risks – such as the NGFS scenarios – is essential to support the transition toward a sustainable economy.”

In 2019, the NGFS embarked on the journey of climate scenario development to advise policymakers on climate-related risks and identify potential solutions. Since 2020, the NGFS scenarios have played a fundamental role in exploratory exercises around the world, supporting policy decisions of central banks and supervisors, as well as driving the strategy of an increasing number of private sector actors. Today’s launch of the user feedback survey is another step to ensure that the NGFS scenarios remain a global public good in the future.

About the NGFS

The Network for Greening the Financial System (NGFS), launched at the Paris One Planet Summit on 12 December 2017, is a group of central banks and supervisors, which on a voluntary basis is willing to share best practices and contribute to the development of environment and climate risk management in the financial sector, and to mobilize mainstream finance to support the transition toward a sustainable economy. The NGFS brings together 121 central banks and supervisors and 22 observers. Together, they represent five continents and more than 85% of global greenhouse gas emissions and are responsible for the supervision of all global systemically important banks and 80% of the internationally active insurance groups. The NGFS is chaired by Ravi Menon, Managing Director of the Monetary Authority of Singapore. The Secretariat, headed by Jean Boissinot, is provided by Banque de France.