Doornbosch: Climate risks threaten financial stability
Richard Doornbosch, President of the Central Bank of Curaçao and Sint Maarten, stressed the central bank's role in addressing climate change risks. He highlighted the vulnerability of small island states and the need for financial system resilience.
Youth ingenuity for climate solutions
Richard Doornbosch, President of the Central Bank of Curaçao and Sint Maarten (CBCS), opened the UoC SustainaBUL Awards 2026, emphasizing the program's focus on sustainable economic transition.
The awards leverage the ingenuity of young generations to develop solutions for real-life problems, particularly those faced by small island states.
Doornbosch highlighted the construction and tourism sectors as key areas for climate-related work, given their economic importance for Curaçao and their inherent vulnerability to climate change risks.
The CBCS has partnered with the University of Curaçao for these awards, underscoring its commitment to understanding and mitigating these challenges.
The central bank's core mandate includes ensuring the financial system can withstand various shocks, including those stemming from climate change, which are as impactful for small islands as geopolitical disruptions.
Resilience in a world of shocks
Doornbosch underscored that recent global challenges, from the COVID-19 pandemic to geopolitical conflicts, have demonstrated the critical need for resilience.
These overlapping shocks, including energy price surges and supply chain disruptions, serve as a reference for preparing for climate change impacts, which he stressed will be equally significant for small island nations.
To secure financial stability, the CBCS continuously invests in monitoring systemic risk and conducting essential research.
This work is collaborative, involving partners like the Curaçao Meteorological Services for climate data and other regional central banks on projects such as developing a green taxonomy and supervisory guidance.
Beyond rhetoric, towards action
This initiative, while locally focused, underscores a global imperative for central banks to integrate climate risk into their core mandates.
The emphasis on youth ingenuity offers a pragmatic approach to developing tailored solutions for vulnerable regions.
However, sustained political will and significant investment will be crucial to translate these innovative ideas into tangible, widespread resilience.