Network for Greening the Financial System publishes explanatory notes to improve transparency and usability of its long-term climate scenarios

The Network for Greening the Financial System (NGFS) published a set of explanatory notes intended to make its long-term climate scenarios clearer and easier to use, following user feedback calling for greater transparency on the assumptions and narratives underpinning the scenarios. The release provides detailed analyses of three NGFS scenarios, NetZero 2050, Current Policies and Fragmented World, giving users a more granular view of scenario outcomes beyond the high-level results shown in the NGFS Phase V presentation deck released in November 2024. It also includes an overarching note on energy investments across scenarios, plus two physical risk notes covering acute physical risks, drawing on the open-access Climate Impact Explorer developed with the NGFS and updated in 2025, and climate tipping points, including possible approaches for incorporating tipping-point dynamics into future NGFS scenarios.