With the background of strong demand and limited spare capacity, both actual production disruptions and concerns about the reliability and security of future oil supplies have contributed to the volatility in oil prices.
As suggested by the European Commission’s new sustainable finance strategy, the NGFS scenarios should be considered a starting point for testing the impact of Europe-specific transition plans, as well as guiding banks in setting their own targets. The Commission encourages EU environmental and financial authorities to work together to tailor the global NGFS scenarios to European policies in a science-based manner.