Invitation

Invitation to register interest in attending ASCOR consultation roundtables

Dear Sir/Madam,

We are writing to invite you to participate in the Assessing Sovereign Climate-related

Opportunities and Risks (ASCOR) framework consultation process. The consultation

includes:

• A report outlining potential changes to the ASCOR framework (v2.0)

• An explainer video

• An online survey that will be open until 31 January 2026

• Two invite-only roundtables on 22 and 27 January 2026 exclusively for sovereign

issuers and government officials.

ASCOR tool was launched by an international coalition of investors and the TPI Global

Climate Transition Centre(TPI Centre) based at the London School of Economics and

Political Science (LSE). The TPI Centre is an independent, authoritative source of research

and data on the progress of corporate and sovereign entities in the transition to a low-

carbon economy.

ASCOR aims to inform, support and facilitate investment decision making, especially by

sovereign bondholders, and enable a more explicit consideration of climate change at the

national level. The framework serves both investors and sovereign bond issuers. For investors,

it informs on how sovereigns are managing risk and positioning themselves for the low-

carbon transition. For sovereigns, it shows what government actions are important to

investors and creates possible Key Performance Indicators (KPIs) for labelled bond issuance.

The ASCOR framework v1.0 was developed by the TPI Centre in collaboration with investors

and following a public consultation in 2023. This year, we are exploring whether substantial

adjustments are needed considering the current state of investor priorities, country

practices, scientific evidence and data availability.

We are hosting two roundtable discussions for investors and two for sovereign issuers. We

would welcome your and/or your colleagues’ participation. The roundtables will bring

together a small group of government officials from different countries, including

representatives from Ministries of Finance, Treasuries, Debt Management Offices and

Ministries of Environment, to discuss potential updates to the ASCOR framework and

provide feedback directly to the research team. The sessions will be invite-only and held

under the Chatham House Rule.

Houghton Street

London WC2A 2AE

United Kingdom

Transitionpathwayinitiative.org

4 December 2025

The roundtable will be chaired by the TPI Centre sovereign research team and will be

structured as follows:

Session structure Length (90 mins)

Welcome 5

Part I: ASCOR framework and tool technical briefing

Overview of ASCOR tool and sample of potential methodological

changes 10

Part I: Discussion

Participant discussion based on consultation questions and

examples

30

Part II: ASCOR framework: structural changes briefing

Overview of sectoral transition planning analysis 10

Part II: Discussion

Participant discussion based on consultation questions and

examples

30

Concluding remarks and next steps 5

If you wish to attend, please register your interest in the session that is most convenient for

you:

• Thursday 22 January at 16.00 GMT

• Tuesday 27 January at 7.00 GMT

Once you have registered your interest, you may receive a calendar invite and login details.

Thank you in advance for your participation.

Yours faithfully,

TPI Centre Research Team

TPI Global Climate Transition Centre (TPI Centre) | Global School of Sustainability

The London School of Economics and Political Science

e: [email protected]

transitionpathwayinitiative.org | lse.ac.uk

To stay up to date with our latest reports, data releases and upcoming events, please sign up here.

Invitation to register interest in attending ASCOR consultation roundtables

Dear Sir/Madam,

We are writing to invite you to participate in the Assessing Sovereign Climate-related

Opportunities and Risks (ASCOR) framework consultation process. The consultation

includes:

• A report outlining potential changes to the ASCOR framework (v2.0)

• An explainer video

• An online survey that will be open until 31 January 2026

• Two invite-only roundtables on 22 and 27 January 2026 exclusively for sovereign

issuers and government officials.

ASCOR tool was launched by an international coalition of investors and the TPI Global

Climate Transition Centre(TPI Centre) based at the London School of Economics and

Political Science (LSE). The TPI Centre is an independent, authoritative source of research

and data on the progress of corporate and sovereign entities in the transition to a low-

carbon economy.

ASCOR aims to inform, support and facilitate investment decision making, especially by

sovereign bondholders, and enable a more explicit consideration of climate change at the

national level. The framework serves both investors and sovereign bond issuers. For investors,

it informs on how sovereigns are managing risk and positioning themselves for the low-

carbon transition. For sovereigns, it shows what government actions are important to

investors and creates possible Key Performance Indicators (KPIs) for labelled bond issuance.

The ASCOR framework v1.0 was developed by the TPI Centre in collaboration with investors

and following a public consultation in 2023. This year, we are exploring whether substantial

adjustments are needed considering the current state of investor priorities, country

practices, scientific evidence and data availability.

We are hosting two roundtable discussions for investors and two for sovereign issuers. We

would welcome your and/or your colleagues’ participation. The roundtables will bring

together a small group of government officials from different countries, including

representatives from Ministries of Finance, Treasuries, Debt Management Offices and

Ministries of Environment, to discuss potential updates to the ASCOR framework and

provide feedback directly to the research team. The sessions will be invite-only and held

under the Chatham House Rule.

Houghton Street

London WC2A 2AE

United Kingdom

Transitionpathwayinitiative.org

4 December 2025

The roundtable will be chaired by the TPI Centre sovereign research team and will be

structured as follows:

Session structure Length (90 mins)

Welcome 5

Part I: ASCOR framework and tool technical briefing

Overview of ASCOR tool and sample of potential methodological

changes 10

Part I: Discussion

Participant discussion based on consultation questions and

examples

30

Part II: ASCOR framework: structural changes briefing

Overview of sectoral transition planning analysis 10

Part II: Discussion

Participant discussion based on consultation questions and

examples

30

Concluding remarks and next steps 5

If you wish to attend, please register your interest in the session that is most convenient for

you:

• Thursday 22 January at 16.00 GMT

• Tuesday 27 January at 7.00 GMT

Once you have registered your interest, you may receive a calendar invite and login details.

Thank you in advance for your participation.

Yours faithfully,

TPI Centre Research Team

TPI Global Climate Transition Centre (TPI Centre) | Global School of Sustainability

The London School of Economics and Political Science

e: [email protected]

transitionpathwayinitiative.org | lse.ac.uk

To stay up to date with our latest reports, data releases and upcoming events, please sign up here.