2025

SCR STUDY GUIDE

®

AND LEARNING
OBJECTIVES
2025 SCR STUDY GUIDE AND
LEARNING OBJECTIVES
Topic Outlines, Readings, and Test Weightings
This SCR Study Guide and Learning Objectives document describes the primary topics covered on the SCR Exam. The SCR
Advisory Committee identified these curriculum topics as essential for risk managers navigating the field of sustainability
and climate risk. The curriculum is weighted across these topics and re-evaluated annually to ensure the SCR Exam is timely
and relevant.

Learning Objectives appear as bullet points at the beginning of each chapter in this Study Guide. These Learning Objectives
are intended to help exam candidates identify major themes associated with each chapter of the SCR Program. The required
online readings listed under chapter descriptions are testable for the SCR Exam. Learning Objectives for online readings also
appear on the GARP website.

This document is an important study resource and should be referred to regularly during exam preparation.

SCR Exam Approach

The SCR Exam is practice oriented. The questions are derived from a combination of theory, as set forth in the 2025 SCR
Certificate Book, and real-world work experience. Candidates are expected to understand sustainability and climate
risk concepts and apply these approaches to risk management activities. The 2025 SCR Exam covers knowledge areas
necessary for individuals and organizations to succeed in today’s rapidly changing risk landscape.

The Exam is a comprehensive assessment that covers the fundamental guidelines, methodologies, and frameworks
organizations use to anticipate and manage climate risk. It consists of 80 equally weighted, multiple-choice questions.
The majority of Exam questions stand alone, with the exception of one multi-part question case study.

2025 SCR Certificate Book

The official SCR Certificate Book includes required readings across curriculum Chapters 1-10. The topics covered by these
chapters were selected by the SCR Advisory Committee. It is strongly suggested candidates review the book in depth prior
to sitting for the Exam. Each chapter begins with a set of Learning Objectives to guide candidates through their studies.
Review questions conclude each chapter. An eBook as well as access to GARP Learning is provided to all candidates who
register for the Exam.

SCR Errata
GARP will update curriculum clarifications or printing errors in the SCR Errata 2025 document regularly. Candidates can
find the SCR Errata document in the candidate portal. If you identify a potential error or curriculum discrepancy, please
submit this through the candidate portal, but only after checking the Errata to see if it may already have been addressed.

We welcome all types of submissions including minor editorial, grammar, and typographical errors. However, only
substantial errors in content or questions will be posted to the official SCR Errata.

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SCR STUDY
CHAPTERS
3 Chapter 1:
Foundations of Climate Change:
What Is Climate Change?

4 Chapter 2:
Sustainability

6 Chapter 3:
Climate Change Risk

8 Chapter 4:
Sustainability and Climate Policy,
Culture, and Governance

10 Chapter 5:
Green and Sustainable Finance:
Markets and Instruments

11 Chapter 6:
Climate Risk Measurement and Management

13 Chapter 7:
Climate Models and Scenario Analysis

14 Chapter 8:
Net Zero

15 Chapter 9:
Climate and Nature Risk Assessment

16 Chapter 10:
Transition Planning and Carbon Reporting

17 SCR Climate PAL

18 SCR Exam Acronyms

19 2025 SCR Advisory Committee

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CHAPTER 1:
FOUNDATIONS OF
CLIMATE CHANGE:
WHAT IS CLIMATE CHANGE?
EXAM WEIGHT | 8-12 questions

Learning Objectives
Climate change is one of the most important issues of our generation and future generations. Choosing how to respond
requires both a knowledge of the science as well as an understanding of our policy options. This chapter gives a brief
summary of these two aspects of the climate problem.

The specific Learning Objectives for this chapter are as follows:

• Define climate change and differentiate between weather and climate.

• Identify the evidence used to support modern climate change trends.
• Describe the Earth’s climate history, and different methods for measuring non-anthropogenic climate change.
• Understand how the Earth’s energy balance and the greenhouse effect affect the climate.
• Know the primary greenhouse gases and aerosols, their sources, and relative contribution to climate change.
• Explain non-human and human mechanisms that contribute to climate change.
• Understand the distribution, frequency, and intensity of climate driven environmental impacts across geography
and time.
• Understand the distribution, frequency, and intensity of climate driven socioeconomic impacts across geography
and time.
• Explain the different approaches and key considerations of climate change adaptation, including maladaptation.
• Identify and discuss the opportunities, strategies, technologies, and associated challenges of mitigating
climate change.
• Understand the opportunities and drawbacks of implementing geoengineering techniques to combat climate change.
• Explain carbon budgets, national commitments, and emissions scenarios to limit temperature increases.

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CHAPTER 2:
SUSTAINABILITY
EXAM WEIGHT | 8-12 questions

Learning Objectives
This chapter discusses the broad topic of sustainability, particularly as it relates to public policies, corporate actions, and
financial institutions. The broad examination of sustainability in a policy, corporate, and investment context is important
background before examining climate risk analysis (Chapters 3 and 6) and policy frameworks (Chapter 4) in greater detail.

The chapter starts by defining sustainability and differentiating it from both environmental, social, and governance
(ESG) issues and climate risk. This chapter also discusses international goals on sustainability, notably UN Sustainable
Development Goals (SDGs).

The chapter takes a broad approach, touching on economic development, issues of social justice and equity (e.g., human
rights), and environmental protection (e.g., biodiversity), as well as focusing primarily on concepts and general framing in
preparation for later chapters that go into greater detail.

The specific Learning Objectives for this chapter are as follows:

• Define the three different aspects of sustainability.

• Explain how different entities use Environmental Social Governance (ESG), corporate responsibility, and sustainable
development criteria to implement and report sustainability and climate practices.
• Explain the relationship and intersection among sustainability, ESG, and/or climate change.
• Describe the key features of the United Nations (UN) Sustainable Development Goals (SDGs) and Millennium
Development Goals (MDGs).
• Discuss strategies for implementing and aligning with the SDGs and how SDG alignment can be material to companies.
• Define ecosystem services, subcomponents, and natural capital. Understand how organizations depend upon and can
impact ecosystem services.
• Trace the evolution of sustainability in governments, corporations, and financial institutions.
• Know the different types of greenwashing. Describe how organizations can “greenwash” and “greenwish” sustainability
claims and the actions to counteract these practices.
• Describe the life-cycle assessment (LCA) process and how organizations use this tool to advance sustainability.
• Understand sustainability reporting frameworks and initiatives, their objectives, and to whom they are targeted.

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Required online readings:
“UNEPFI Principles For Responsible Banking,” United Nations Environment Programme Finance Initiative. (pages 3-38).

The specific Learning Objectives for this online reading are as follows:

• Explain the requirements and suggested measures to take for each principle of responsible banking.
• Understand and describe how banks have implemented the responsible banking principles, along with the benefits of
implementing these principles.

“UNPRI Principles For Responsible Investment,” Principles for Responsible Investment.

The specific Learning Objective for this online reading is as follows:

• Identify the six principles of responsible investment and potential ways to achieve them.

All required online readings can be accessed at https://www.garp.org/scr/readings/required.

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CHAPTER 3:
CLIMATE CHANGE RISK
EXAM WEIGHT | 8-12 questions

Learning Objectives
This chapter provides a comprehensive introduction to the financial risks linked to climate change that throughout this text
are referred to simply as “climate risk.” It explains the two main subtypes of climate risk — physical risk (resulting from the
physical weather impacts of climate change) and transition risk (resulting from the economic transformation to a net-zero
carbon economy) — before delving into the causes and implications of each type.

Chapters 6 and 7 return to, and expand on, the topic by explaining how financial institutions can measure and manage
climate risk (Chapter 6) and how climate modeling is carried out, including through scenario analysis (Chapter 7).

The specific Learning Objectives for this chapter are as follows:

• Describe how climate risk can translate to financial risk.

• Differentiate physical and transition risks.
• Understand how hazards/drivers, exposure, and vulnerability interact to create physical and transition risks.
• Define stranded assets and discuss how different sectors may experience stranded asset risk.
• Differentiate acute and chronic hazards.
• Discuss uncertainty, variability, and accuracy in hazard model predictions.
• Identify data challenges modeling direct physical risk.
• Identify examples of indirect physical risks.
• Discuss how physical and transition risks can present opportunities for companies and sectors.
• Describe the drivers of transition risk (e.g., technology, market) and provide examples.
• Discuss human capital as a stranded asset and the challenges associated with a just transition.

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Required online readings:
“Risk Management Fundamentals,” Global Association of Risk Professionals (GARP), December 2022.

The specific Learning Objectives for this online reading are as follows:

• Define the major categories of financial risk faced by organizations.

• Understand how risk managers identify, measure, and manage credit risk, market risk, liquidity risk, and
operational risk.

All required online readings can be accessed at https://www.garp.org/scr/readings/required.

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CHAPTER 4:
SUSTAINABILITY AND
CLIMATE POLICY, CULTURE,
AND GOVERNANCE
EXAM WEIGHT | 8-12 questions

Learning Objectives
This chapter examines the wider policy and cultural context in which the move toward sustainability and climate risk
integration in the private sector has occurred. It starts by describing international sustainability and climate policy
frameworks to date and the challenges inherent in attempts to reduce emissions through global agreements.

It then describes how sustainability and climate change have become part of various policy frameworks and standards in
both the public and private sectors, ranging from promotion to supervision and regulation. Finally, consideration is given
to potential implications, both at the micro and macro level, of how policies and other transition drivers may impact society
and corporate culture.

The specific Learning Objectives for this chapter are as follows:

• Discuss the evolution of international climate policy.

• Understand the relative scale of emissions by country and region.
• Summarize the history, outcomes, and obligations of major international climate agreements.
• Understand characteristics of the Paris Agreement and how its goals differ from prior climate agreements.
• Explain the structure, benefits, and drawbacks of carbon pricing policies, including carbon taxes and emissions
trading schemes.
• Describe sector-specific climate policies, including the policies that govern the transportation and power
generation sectors.
• Differentiate Scope 1, 2, and 3 emissions.
• Recognize the challenges associated with accounting for Scope 3 emissions.
• Differentiate the types of private-sector sustainability and climate investment policies, and how public policy has been
used to promote adoption of green finance.
• Describe the function, purpose, and challenges of green taxonomies.
• Discuss how central banks incorporate climate change into supervision practices.
• Describe the trends in private-sector climate frameworks and the characteristics of important climate groupings.
• Explain nature-related risks, including human impacts on biodiversity and ecosystem services.

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Required online readings:

“A call for action: Climate change as a source of financial risk,” Network for Greening the Financial System, April 2019.
(pages 4-9).

The specific Learning Objectives for this online reading are as follows:

• Describe the six Network for Greening the Financial System (NGFS) recommendations for central banks, supervisors,
policymakers, and financial institutions to manage environmental and climate-related risks.
• Explain how the NGFS recommendations can guide the financial sector in achieving the objectives of the
Paris Agreement.

“The GHG Protocol: A corporate reporting and accounting standard (revised edition),” The Greenhouse Gas Protocol
and World Business Council for Sustainable Development (WBCSD), March 2004. (Chapters 1, 3, 4).

The specific Learning Objectives for this online reading are as follows:

• Describe greenhouse gas (GHG) accounting and reporting principles.

• Explain the concept and importance of operational boundaries in GHG accounting.

All required online readings can be accessed at https://www.garp.org/scr/readings/required.

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CHAPTER 5:
GREEN AND
SUSTAINABLE FINANCE:
MARKETS AND INSTRUMENTS
EXAM WEIGHT | 8-12 questions

Learning Objectives
This chapter focuses on financial-market developments relating to sustainability issues and climate-related risks and
opportunities. The chapter begins by explaining what constitutes “green” and “sustainable” finance and covers trends
and investment flows. It then includes a detailed examination of specific sustainable and green finance instruments and
products, such as green bonds, green loans, and sustainability-linked bonds and loans.

The chapter considers the integration of ESG issues into investing, both through analysis and through investor engagement.
It finishes with existing and emerging taxonomies and regulatory definitions, building on the policy material covered in
Chapter 4.

The specific Learning Objectives for this chapter are as follows:

• Understand the application of sustainable, green, and climate finance.

• Identify trends and flows in sustainable, green, and climate finance.
• Describe green, social, and sustainable bonds.
• Explain the core components of the Green Bond Principles.
• Explain green loans and their markets.
• Define and describe sustainability-linked bonds and loans.
• Explain the core components of the Sustainability-Linked Loan and Sustainability-Linked Bond Principles.
• Describe sustainable funds, green funds, and other sustainable finance products.
• Understand the integration of ESG and climate issues into investment and lending decisions.
• Understand how investors impact sustainability strategy of a company.
• Describe the existing and emerging approaches to defining sustainable and green finance.
• Explain the trends in ESG disclosure requirements for companies.
• Identify regulatory trends in sustainable and green finance.

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CHAPTER 6:
CLIMATE RISK MEASUREMENT
AND MANAGEMENT
EXAM WEIGHT | 12-15 questions

Learning Objectives
This chapter describes how climate risk is measured and managed, covering both types of climate risk: physical and
transition (as described in Chapter 3). After an introduction, this chapter covers in detail how climate risk relates to more
traditional risk categories at the company level, including operational risk, credit risk, liquidity risk, and underwriting risk.
It then covers how climate risk can be a systemic risk with potential threat to financial stability, transmitting either through
one of the previously mentioned channels, through market dislocations (market risk), or effects on countries (sovereign risk).

The chapter goes on to describe available data and analytical tools for measuring both physical and transition risks, building
on material from Chapter 3. Finally, this chapter examines how climate risk can be, and is being, integrated into existing
enterprise risk management (ERM) processes, ranging from governance structures and strategy setting to risk evaluation
and disclosure. The material in this chapter sets the stage for Chapter 7, which builds on these topics by looking specifically
at the application of scenario analysis to climate risk management.

The specific Learning Objectives for this chapter are as follows:

• Explain how climate risks can cause microeconomic and macroeconomic effects and financial risks.
• Describe how climate risk drivers cause company-level risks including operational, credit, liquidity, and
underwriting risks.
• Describe how climate risk can be a source of systemic risk and potentially pose a risk to financial stability.
• Understand the associated risk metrics for, and components of, each risk type.
• Examine the effects of climate risk on micro (company-level) risks such as operational, credit, liquidity, and insurance.
• Understand transmission channels of climate risk, and how related systemic risks potentially threaten financial stability.
• Describe CVaR and its uses.
• Describe the data types, analytical tools, and their sources to measure company-level transition risk.
• Describe the data types, analytical tools, and their sources to measure company-level physical risk.
• Understand how to measure transition risk at the portfolio level.
• Understand how to measure physical risk at the portfolio level.
• Examine how climate risk drivers can be incorporated into existing enterprise risk management (ERM) frameworks.

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Required online reading:
“Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures,” Task Force on
Climate-related Financial Disclosures, October 2021. (pages 52-54).

The specific Learning Objectives for this online reading are as follows:

• Understand the key advantages and disadvantages of common carbon footprint and exposure metrics.
• Know the components of carbon metrics (e.g., revenue, current portfolio value, scopes).
• Calculate the weighted average carbon intensity of investments, total carbon emissions, and carbon footprint, given a
set of inputs.

This required online reading can be accessed at https://www.garp.org/scr/readings/required.

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CHAPTER 7:
CLIMATE MODELS AND
SCENARIO ANALYSIS
EXAM WEIGHT | 8-12 questions

Learning Objectives
This chapter describes how climate change risk can be modeled and analyzed through scenarios, which can help companies
and financial institutions prepare for various possible physical and transition climate-related outcomes. The chapter begins
with an introduction to scenario analysis as a general planning tool for companies before reviewing reference scenarios
commonly used by climate scientists, policymakers, and corporations.

Then, the chapter examines climate scenario analysis as applied to physical and transition risk, building on the material
in Chapter 3. The chapter ends with a detailed look at use cases of scenario analysis both in corporations and in a
financial context.

The specific Learning Objectives for this chapter are as follows:

• Define climate scenario analysis and explain how organizations use scenario analysis.
• Explain the definition and purpose of global net-zero scenarios including carbon removal processes.
• Understand IPCC scenarios and associated representative concentration pathways (RCPs) and shared socioeconomic
pathways (SSPs).
• Describe IEA scenarios and other key global reference scenarios.
• Understand the key choices that organizations need to consider for scenario development and analysis.
• Describe how scenarios and models are used in scenario analysis to assess transition risk.
• Explain how scenario analysis is used for assessing physical risk.
• Examine how all types of corporations (financial and non-financial) use climate scenario analysis.
• Describe how financial firms use climate scenario analysis for investment processes and climate risk
exposure management.
• Explain different aspects of climate scenario analysis using case studies..

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CHAPTER 8:
NET ZERO
EXAM WEIGHT | 3-5 questions

Learning Objectives
This chapter provides an overview of the concept of net zero and its implications for different players in the economy. It
begins with an introduction to the scientific background behind net zero and its link to global climate ambitions enshrined
in the Paris Agreement. It further provides an overview of the key global initiatives that are mobilizing entities across the
world to make bottom-up commitments and pushing them to begin the journey of reducing the climate impact of their
own organization.

The chapter then outlines the various elements required to ensure the credibility of these targets. It explains the crucial
role that transition plans can play in demonstrating that an organization is integrating decarbonization ambitions into its
core strategy, emphasizing the importance of interim targets and pathways and the transparent use of metrics to measure
progress. It ends with a discussion of the emerging landscape of net-zero disclosure standards.

The specific Learning Objectives for this chapter are as follows:

• Explain the concept of net zero and how it relates to global climate goals.
• Describe the key actors in, and attributes of, net-zero target campaigns, and the challenges of the net-zero transition.
• Explain the key attributes of national and subnational net-zero target strategies and emission reduction approaches.
• Describe the factors that affect different sectors’ abilities to achieve net zero.
• Describe the tools private-sector actors can use to strengthen the credibility of net-zero commitments.
• Describe how net-zero pathways and interim targets are key to achieving credible and attainable net-zero targets
across sectors.
• Understand the metrics and portfolio-alignment tools that can be used to track net-zero progress.
• Describe the net-zero disclosure landscape and key stakeholders.

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CHAPTER 9:
CLIMATE AND NATURE
RISK ASSESSMENT
EXAM WEIGHT | 3-5 questions
Related to Case Study

Learning Objectives
This chapter examines the latest methodologies, frameworks, and organizations driving climate risk assessment, as well as
nature and biodiversity risks. The chapter begins with a contextualization of climate risk assessments at the international,
national, and regional levels, with a particular emphasis on new International Financial Reporting Standards (IFRS) S1
and S2 guidance from the International Sustainability Standards Board. It also reviews climate risk tools and differentiates
physical and transition risk assessment steps.

Then, the chapter introduces nature risk assessment and distinguishes it from climate risk. Various tools and methodologies,
including the Taskforce on Nature-related Financial Disclosures (TNFD), are explored. The chapter concludes with a
discussion on water risk assessments, policy, and financing.

The specific Learning Objectives for this chapter are as follows:

• Differentiate between climate risk measurement and assessment, and how these processes are crucial to effective
climate risk management.
• Know the major international and regional protocols for climate risk and their requirements or recommendations
across industry.
• Discuss the IFRS S1 and S2 standards and their context in the wider ecosystem of reporting frameworks. Compare the
differences between the TCFD and ISSB standards.
• Know the different types of data sets and tools available for climate risk assessment.
• Understand ISSB and TCFD recommendations for scenario analysis.
• Demonstrate the ability to walk your organization through a physical and transition climate risk assessment.
• Identify similarities, differences, and interdependencies among climate and nature risks.
• Know the key components and steps of the TNFD and LEAP framework.
• Understand the impacts and opportunities nature risk presents for companies and financing.
• Outline the challenges in financing biodiversity and ecosystem projects.
• Understand the drivers of water risk.
• Demonstrate ability to carry out a water risk assessment for an organization.
• Apply current practices and lessons from case studies to climate and nature risk assessments.

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CHAPTER 10:
TRANSITION PLANNING AND
CARBON REPORTING
EXAM WEIGHT | 3-5 questions
Related to Case Study

Learning Objectives
Chapter 10 builds on Chapter 8 by delving deeper into key transition planning principles and steps. The chapter walks
candidates through the latest Transition Plan Taskforce recommendations and implementation strategies. It also overviews
a variety of international transition standards, and contextualizes complementary standards established by the Glasgow
Financial Alliance for Net Zero (GFANZ) and the Science-Based Targets initiative (SBTi).

Drawing from concepts introduced in Chapters 1, 4, and 6, the chapter takes a more granular approach to GHG accounting
and reporting from both an organizational and a financial perspective. Key to creating a transition plan, the chapter covers
key concepts from the GHG Protocol Corporate Standard and Partnership for Carbon Accounting Financials (PCAF).

The specific Learning Objectives for this chapter are as follows:

• Describe the drivers of transition plans, including regulation, and the different use cases for transition plans.
• Describe the key principles for good transition planning: ambition, including the “strategic rounded approach,” action,
and accountability.
• Demonstrate knowledge of emerging transition planning international and national standards, as well as sector-
specific guidance.
• Know principles for setting SBTi Net-Zero targets.
• Demonstrate an understanding of the five core elements of a good practice transition plan: Foundation, Implementation
Strategy, Engagement Strategy, Metrics & Targets, and Governance.
• Understand the two distinct approaches (equity share and control) that can be used to consolidate GHG emissions.
• Demonstrate ability to walk through GHG calculation steps by scope according to operational boundaries and calculate
emissions given a set of activity data, conversion factors, and global warming potentials.
• Define financed emissions and why Scope 3 emissions are essential for financial organizations to measure.
• Understand how financial institutions measure financed emissions and use emissions metrics to measure risk.
• Calculate a financial institution’s attribution factor and financed emissions.
• Know the asset classes covered by the PCAF Standard and describe the PCAF Data Quality Score guidance,
understanding hierarchies of data quality.
• Understand emerging mandatory and voluntary reporting requirements for financial institutions.

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SCR CLIMATE PAL
SCR Climate PAL:
Case-Based Practical Applied Learning (Not Tested on Exam)

Learning Opportunities
To enhance SCR candidates’ practical learning experience, GARP has introduced the SCR Climate PAL. This optional
module incorporates methodologies and tools from actual climate data and risk management companies to walk candidates
through concepts introduced throughout the curriculum. This experience encourages candidates to consider how an
organization can tackle climate risks and provides SCR candidates with practical opportunities to do so.

The specific Learning Opportunities are as follows:

Climate Challenge: Weigh the different choices an organization can make when facing today’s various climate dilemmas.
GHG Reporting: Calculate GHG emissions for a single facility and see how to aggregate emissions for entity-level
reporting and target setting with PersefoniPro.
Physical Risk Prioritization: Assess physical risk using probabilistic analysis with riskthinking.ai. Examine exposure,
impact, and value-at-risk to prioritize resilience efforts.
Examine Risk Cross Dependencies: View offsite risks that materially impact operations. Understand how to contextualize
downscaled climate hazards using a structural analysis approach with XDI.
Flooding and Catastrophe Risk Modeling: Explore how risk metrics can help organizations prepare for increasingly
devastating flooding and catastrophic events across the globe. Transform hazard data into actionable risk quantification
with Fathom.

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SCR EXAM ACRONYMS
A list of acronyms and terms used on the SCR Exam. This list, or a similar list, will be provided to all exam candidates on the
day of the Exam.

BECCS = bioenergy with carbon capture and sequestration IPCC = Intergovernmental Panel on Climate Change

CCUS = carbon capture, utilization, and storage ISSB = International Sustainability Standards Board

CEO = chief executive officer KPI = key performance indicator

CO 2 = carbon dioxide mm = million

CO 2e = carbon dioxide equivalent mt = metric ton

COO = chief operating officer NDC = nationally determined contribution

COP = Conference of the Parties NGFS = Network for Greening the Financial System

COSO = Committee of Sponsoring Organizations of the NGO = non-governmental organization

Treadway Commission OECD = Organization for Economic Co-operation
CRO = chief risk officer and Development

CSO = chief sustainability officer PRB = Principles for Responsible Banking

CSR = corporate social responsibility PRI = Principles for Responsible Investment

CVaR = Climate Value at Risk RCP = Representative Concentration Pathway

ERM = enterprise risk management SASB = Sustainability Accounting Standards Board

ESG = environmental, social, and governance SBTi = Science-Based Targets initiative

ETS = emission trading system SDG = Sustainable Development Goal

EU Taxonomy = EU Sustainable Finance Taxonomy SLB = sustainability-linked bond

EV = electric vehicle SLL = sustainability-linked loan

GBP = Green Bond Principles SSP = shared Socioeconomic Pathway

GHG = greenhouse gas SPT = sustainability performance targets

GRI = Global Reporting Initiative TCFD = Task Force on Climate-related Financial Disclosures

IAM = integrated assessment model TNFD = Taskforce on Nature-related Financial Disclosures

ICMA = International Capital Market Association UN = United Nations

IEA = International Energy Agency UNEP FI = United Nations Environment Programme

Finance Initiative

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2025 SCR ADVISORY COMMITTEE
Members
Piyush Agrawal Novera Khan Michael Sheren
Deputy Chief Risk Officer Founder and CEO President & Chief Strategy Officer
BMO EmBER Advisory LLC MVGX

Steve Bullock Robert Litterman Tianyin Sun

Managing Director Chairman, Risk Committee Deputy Director
Global Head of Research Kepos Capital LP Center for Green Finance Research,
and Methodology National Institute of Financial
S&P Global Sustainable1 Charmian Love Research of Tsinghua University
Global Director of Advocacy
Ben Carr Natura&Co Jakob Thomä
Global Head of Climate SOAS Professor in Practice
Risk Products William May and Research Director
Bloomberg L.P. Managing Director, Global 2° Investing Initiative
Head of Certifications and
John T. Colas Educational Programs Michael Wilkins
Partner and Vice Chairman GARP Executive Director,
Financial Services Americas Professor of Practice
Oliver Wyman Jo Paisley Centre For Climate Finance And
President Investment, Imperial College
Neha Coulon GARP Risk Institute Business School
Managing Director
Head of ESG, EMEA Julie Pullen
JPMorgan Private Bank Partner and Chief Scientist
Propeller Ventures
Beth Gould Creller
Sustainability & Climate Risk Corinne Raux
(SCR) Program Manager Senior Advisor on Taxonomy
GARP UNEP-FI

Sandro Díez-Amigo Tony Rooke

Research Lead, Market Accelerator Executive Director, Head of
Green Construction, International Transition Advisory
Finance Corporation Howden Group Holdings

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