{
  "type": "ZkVmReceipt",
  "system": "risc0",
  "receiptFormat": "groth16-bn254",
  "imageId": "sha256:a1a0bc89b5b1febaeda3519f6dbade0fa5ac16beeb143c4e1b01689573567bc6",
  "seal": "FwMCOR2q3uUBVsme8xThpcYcApHVDPZSuzpvACt0IR0YpFFrf3VoE5/VBk8LGd0GMP0i9zkrGen9YkjhV4uFPSqKUcXmTYHNRoBfYs6tVHfV+kOwGOpVTiJq2TyTOLHfDl6qD5EOXuNsbDR/L91r28RcL35rNorhlszd6C2q8eUgkUqvvhVE7REtT3Qutklt4Pwqm7OJfaVUYj3E9nAEGRzlOx2GgeE0jlrpjL9WDSNhSFPfk2cJvkPUwPqY8v/+HNFY4o1Z0a2w+nbzKbT93hH/ed3qUkRbMBe6h7WZfkUdbi00kXiVvIkF92YSWBPHB6x8tQxn8VKhGnlwlH4BUg==",
  "journal": {
    "chaingraph_version": "0.4.0",
    "kernel_digest": "sha256:b93b7309081c0f6c2d2a5f3e8728d9d2cd11f4701cc936c42efc0d4d29c7809a",
    "output": {
      "baseline_metric": 0,
      "carbon_price_assumption": 130,
      "delta": 0,
      "delta_by_sector": [],
      "delta_pct": 0,
      "gdp_delta_at_horizon": -0.012,
      "horizon": 2030,
      "metric": "stressed-PD",
      "note": "DECISION-SUPPORT DRAFT — not a supervisory filing. Transition PD sensitivities are sector-level proxies; counterparty-specific analysis required for production use. Verify NGFS Phase V scenario data at ngfs.net. ECB good practices (May 2026) may prescribe different sector mappings.",
      "reference": {
        "ecb_guidance": "ECB climate stress-testing good practices (May 2026)",
        "note": "Scenario paths are versioned reference data. PD sensitivities are proxy estimates — verify against current ECB NGFS documentation. Carbon prices in USD/tCO₂e (NGFS Phase V); convert to EUR for EU-denominated portfolios.",
        "reference_version": "NGFS-Phase-V-2025",
        "scenarios": "NGFS Climate Scenarios Phase V (long-term Nov 2024 / short-term 7 May 2025)"
      },
      "scenario_family": "NGFS-orderly",
      "scenario_label": "NGFS Net Zero 2050 (Orderly)",
      "stressed_metric": 0,
      "transition_intensity": "HIGH"
    }
  }
}