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  "documentTitle": "Sustainability Risk Under Solvency II",
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  "notes": "The slide uses a 2x2 matrix to map climate scenarios (Disorderly, Too little too late, Orderly, Hot house world).",
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      "kind": "callout",
      "text": "The total level of transition or physical risk largely depends on the narrative of the scenario: Strong policy action can mitigate physical risks but may come at the cost of significant transition risk... Since on short- to mid-term, we expect transition risk to be much more material, we focus on scenarios which lie above the diagonal.",
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      "text": "Since on short- to mid-term, we expect transition risk to be much more material, we focus on scenarios which lie above the diagonal.",
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      "kind": "paragraph",
      "text": "General scenario narratives may be characterized along two dimensions: Total level of actual mitigation of climate change risks, Whether the policy actions occur sudden or anticipated.",
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      "text": "1. See e.g. Network for Greening the Financial System (NGFS), A call for action: Climate change as a source of financial risk, (April 2019)",
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      "kind": "title",
      "text": "DIFFERENT CLIMATE POLICY SCENARIOS MAY BE CHARACTERIZED BY THEIR EXPOSURE TOWARDS PHYSICAL AND TRANSITION RISK",
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