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04 February 2026

NGFS: Two Lenses on Climate Risk: A Dual Macroeconomic Reading of the NGFS Short-Term Scenarios

In parallel to the modelling, the NGFS commissioned a second team to reproduce some of the narratives using the more familiar NiGEM model, already used in the NGFS long-term scenarios, to provide an additional assessment of the macrofinancial dynamics of the official results.

Introduction
The ...

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