Home Local News CBCS to receive international support from the NGFS to advance its climateĀ scenario...

CBCS to receive international support from the NGFS to advance its climateĀ scenario work

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Willemstad/Philipsburg — The Centrale Bank van CuraƧao en Sint Maarten (CBCS) has beenĀ  selected to receive international technical assistance to strengthen its climate scenario work,Ā  in the first round of the Network for Greening the Financial System (NGFS) capacity-buildingĀ  initiative. This will help the CBCS better assess and quantify the potential impacts of climateĀ  change on the economies and financial sectors of CuraƧao and Sint Maarten.

This initiative supports the CBCS’s strategic objective to integrate climate risk and sustainabilityĀ  into its supervisory standards and business operations. Climate-related risks can affect economiesĀ  and financial systems through events such as stronger storms, longer droughts, and risingĀ  temperatures, especially for small island economies such as CuraƧao and Sint Maarten. ByĀ  improving how these risks are assessed, the CBCS aims to contribute to a resilient and futureĀ proof financial sector in the monetary union.Ā 

Starting in 2027, the CBCS’s Economic Analysis & Research Department will work with a climateĀ  scenario expert appointed by the NGFS. Together, they will develop practical climate-risk modelsĀ  that reflect the local context of CuraƧao and Sint Maarten. This transfer of specialized knowledgeĀ  and expertise will strengthen the CBCS’s capacity to incorporate climate scenarios and stressĀ  testing into its economic analysis and forecasting and broader risk assessment framework.Ā 

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. 

ā€œThe CBCS is pleased to have been selected for this important opportunity,ā€ said Paloma Abbad,Ā  Climate Coordinator at the CBCS. ā€œThis support will help us strengthen our climate scenario work.Ā  The resulting climate scenario models can provide a better understanding how climate changeĀ  could affect the economies and financial sectors of CuraƧao and Sint Maarten. It will also help usĀ 

further integrate climate-related risks into our economic research, financial stability monitoring,Ā  and supervisory activities.ā€Ā 

About the NGFSĀ Ā 

The NGFS is a global network of central banks and financial supervisors that shares best practicesĀ  and contributes to the development of climate and environmental risk management in theĀ  financial sector. The capacity-building initiative is a key part of the NGFS’s 2026–2027 strategy,Ā 

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 technicalĀ  incubator for innovative climate work, strengthen its role as a center of expertise on climateĀ  scenarios, and build capacity among central banks worldwide to support practical implementationĀ  of the instruments for greening the financial system.Ā 

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