ASCOR framework: consultation report - version 2.0

This report outlines proposed updates to the Assessing Sovereign Climate-related Opportunities and Risks (ASCOR) framework and invites feedback from investors, sovereign issuers and other stakeholders. The consultation aims to ensure the framework remains relevant for assessing sovereign climate risks, opportunities and alignment with the Paris Agreement.

The report focuses on potential structural and methodological enhancements to the ASCOR framework and tool, including revisions to its core design, indicators and scoring approach. It explores how the framework can better reflect evolving investor needs, improve comparability across countries, and provide deeper insights into national climate performance and transition pathways.

Key areas of consultation include proposed changes to the framework structure and pillars, such as refining the balance between economy-wide and sector-specific analysis, and improving the assessment of emissions pathways, climate policies and climate finance. The report also considers enhancements to the ASCOR tool’s usability and communication to support investor decision-making in sovereign bond markets.

As a consultation report, the publication plays a central role in shaping the next major update of the ASCOR framework with stakeholder feedback informing future methodology development and ensuring the tool continues to support transparent, investor-focused assessment of sovereign climate performance.