; and (ii) does not take into consideration commitments for policies and actions relating to climate change that, as of the applicable date described in clause (i), have not been implemented. (2) Updates After the initial development of the climate change risk scenarios under paragraph (1), the Board of Governors, in coordination with the climate science leads, and taking into consideration the recommendations of the Technical Development Group, shall update those scenarios once every 3 years. (3) International coordination In developing and updating the 3 scenarios required under this subsection, the Board of Governors shall take into consideration analytic tools and best practices developed by international banking supervisors relating to climate risks and scenario analysis in an effort to develop consistent and comparable data-driven scenarios. (4) Recommendations If the Technical Development Group determines that the average increase in global temperatures described in subparagraph (A) or (B) of paragraph (1) is no longer scientifically valid, the Technical Development Group may recommend that the Board of Governors, in coordination with the climate science leads, update the average increase in global temperatures described in the applicable subparagraph to reflect the most current assessment of climate change science. (b) Considerations In developing and updating each of the 3 scenarios required under subsection (a), the Board of Governors, in coordination with the climate science leads, shall account for physical risks and transition risks that may disrupt business operations across the global economy, including through— (1) disruptions with respect to— (A) the sourcing of materials; (B) production; and (C) the disposal of products and services; (2) changes in the availability and prices of raw materials and other inputs; (3) changes in agricultural production and with respect to food security; (4) direct damages to fixed assets; (5) increases in costs associated with insured or uninsured losses