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CBCS to lead coordinated work in the Caribbean region on the impact of climate risks on the financial sector
WILLEMSTAD/PHILIPSBURG: Most often when the topic of climate change is addressed, it refers to the impact on the sea level, a warming climate, less biodiversity, and the changing nature. However, climate change also impacts the economy and the financial sector. Climate-related risks that are derived from climate change, affect the global financial system. Banks e.g. might finance investments that are exposed to climate-related risks. On the other hand, they might be helping the global transition process by providing green finance. Also, the insurance sector might need to consider possible future losses in its calculations of premiums. Hence, the Centrale Bank van Curaçao en Sint Maarten (CBCS) strongly encourages the financial sector and other institutions to (pro)actively integrate mechanisms to mitigate climate-related risk into their existing internal control frameworks, to become more climate resilient.