Network for Greening the Financial System

So instead of giving you a scenario specific answer, which you don't really know what to do with.

I will give you an answer that is weighted with scenario probabilities that we have developed at the EDEC Climate Institute for Oxford Economics, for NGFS and for IPCC scenario.

And that allows you to basically move Towards also the materiality, when we talk about the materialities to move away from, say, normative approaches to talk about value, particularly what is the effect of your damages, of your physical risk on the value of your asset or on the value of your infrastructure? And what we found on these probabilities is that, so again, it's EDEC climate Institute work from this year and last year, a scenario at three degree.

So three degree, it's a three degree increase in global surface average temperature with respect to 1850, 1900 average.

So global increase in average of three degrees Celsius.

which is roughly the current policy scenario in the NGFS, it's a 40% likelihood.

It is colossal.

And what we know is that so far there has been a lot of work from some other institutions that have focused just on the physical risk itself.