Willemstad/Philipsburg — The Centrale Bank van Curaçao en Sint Maarten (CBCS) has been selected to receive international technical assistance to strengthen its climate scenario work, in the first round of the Network for Greening the Financial System (NGFS) capacity-building initiative. This will help the CBCS better assess and quantify the potential impacts of climate change on the economies and financial sectors of Curaçao and Sint Maarten.
This initiative supports the CBCS’s strategic objective to integrate climate risk and sustainability into its supervisory standards and business operations. Climate-related risks can affect economies and financial systems through events such as stronger storms, longer droughts, and rising temperatures, especially for small island economies such as Curaçao and Sint Maarten. By improving how these risks are assessed, the CBCS aims to contribute to a resilient and future proof financial sector in the monetary union.
Starting in 2027, the CBCS’s Economic Analysis & Research Department will work with a climate scenario expert appointed by the NGFS. Together, they will develop practical climate-risk models that reflect the local context of Curaçao and Sint Maarten. This transfer of specialized knowledge and expertise will strengthen the CBCS’s capacity to incorporate climate scenarios and stress testing into its economic analysis and forecasting and broader risk assessment framework.
The CBCS has also appointed a Climate Coordinator to lead and coordinate its climate-related work. This role brings together workflows on climate scenario analysis, climate research, and the development of a coherent climate supervisory framework. The Climate Coordinator also represents the CBCS in local, regional, and international forums, including the Curaçao Climate Change Platform, the Caribbean Group of Banking Supervisors technical working group on climate change, and the NGFS.
“The CBCS is pleased to have been selected for this important opportunity,” said Paloma Abbad, Climate Coordinator at the CBCS. “This support will help us strengthen our climate scenario work. The resulting climate scenario models can provide a better understanding how climate change could affect the economies and financial sectors of Curaçao and Sint Maarten. It will also help us
further integrate climate-related risks into our economic research, financial stability monitoring, and supervisory activities.”
About the NGFS
The NGFS is a global network of central banks and financial supervisors that shares best practices and contributes to the development of climate and environmental risk management in the financial sector. The capacity-building initiative is a key part of the NGFS’s 2026–2027 strategy,
From Principles to Practice and aims to help central banks and supervisors translate climate related analytical tools into practical use. The NGFS has three priorities: remain a technical incubator for innovative climate work, strengthen its role as a center of expertise on climate scenarios, and build capacity among central banks worldwide to support practical implementation of the instruments for greening the financial system.
