NGFS Occasional PapersThe Green Scorpion : The Macro-Criticality of Nature for Finance

NGFS | December 2023

This technical report aims to build upon the work of Central Banks and supervisors, financial
institutions, the NGFS and the Taskforce on Nature-Related Financial Disclosures (TNFD) to date on
nature-related financial risks. It learns from the approaches of NGFS on climate scenarios to set out
a preliminary framework for the assessment of risks and the generation of nature-related scenarios
for financial risk assessment.

This report responds to a specific set of questions defined by the NGFS Task force Nature:
1. What can be learnt from the literature and existing work on climate and nature scenarios that could
form a basis for integrated climate-nature scenarios for Central Banks? (Section 2)
2. What would a typology of climate-nature shocks look like? (Section 3)
3. Can we develop a simple data-driven approach to screen key potential nature-climate shocks to
help prioritise which should be considered by a country, according to different countries’
characteristics? (Sections 4 and 5)