In this webcast, Theresa Löber, Head of Climate Hub at Bank of England, will be talking to us about the recently published second vintage of climate scenarios for forward-looking climate risk assessment from the NGFS.
The NGFS scenarios have been brought up to date by incorporating countries’ commitments to reach net-zero emissions, while also being enriched with an expanded set of macroeconomic variables and additional country and sector-level granularity.
Theresa spoke to us about the first round of scenarios in a webcast last July, so we are pleased to welcome her back for a timely update to this critical component of climate risk management.
This session will cover:
- How the updated scenarios build on Phase I. This includes new country-level data, macro modeling, updates with the latest policy ambitions/net-zero commitments, and more.
- Details on the transition risks, physical risks, and macro impacts.
- How the scenarios are currently being used & where to go next.
Theresa heads up the Bank of England’s Climate Hub, which leads the Bank’s policy response to the financial risks from climate change. This includes incorporating climate risks into the Bank’s supervisory approach, stress testing the UK financial system to the risks from climate change, as well as embedding climate risks into macroeconomic analysis. Internationally, the team contributes to a number of initiatives, including the central bank and supervisors Network for Greening the Financial System, where the Bank leads the work developing reference scenarios. Previously she worked as a macroeconomist in different areas of the Bank, most recently as Senior Manager of the Global Surveillance Team within the International Directorate.
Christoph Bertram leads the International Climate Policy team within the Energy Systems group of the Potsdam Institute for Climate Impact Research. In his research, he uses coupled macroeconomic and energy system models to analyze national and international climate mitigation strategies, with a particular focus on the interrelationship of short-term action and long-term goals.
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