Saturday 28 January 2023

Costa Rica’s Central bank will integrate climate change in decision-making processes

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28 January 2023 - At The Banks - BCCR

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QCOSTARICA – The Banco Central de Costa Rica (BCCR) – Costa Rica’s Central Bank – announced that by December 2021 it will finalize a roadmap for the implementation of its commitments towards integrating climate change and environmental considerations into its decision-making processes.

The BCCR says the roadmap covers the development and publication of information and statistics, the integration of sustainability considerations into monetary policy, the incorporation of climate-related risks into financial stability assessments and the gradual greening of the Central Bank’s international reserves.

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“With the implementation of the actions contained in the roadmap, the Central Bank of Costa Rica expects to become a more effective contributor to local, national and global resilience to the impact of climate change, by promoting a gradual and orderly transition of the financial system in a changing physical enviroment, with due considertion to the protection of the most vulnerable,” reads the statement.

It adds, “In completing this roadmap, the Bank has benefited from, and gratefully acknowledges, the Network for Greening the Financial System (NGFS) knowledge base and peer discussions”.

The announcement came during the United Nations Conference on Climate Change of 2021 – COP26 – currently being held in Glasgow, Scotland, to which Costa Rican President, Carlos Alvarado is in attendance.

President Carlos Alvarado (left) hamming it up with his counterparts, Canada’s Justin Trudeau (center) and Colombia’s Ivan Duque

COP26 is the most important climate conference since the signing of the Paris Agreement in 2015.

The participation of these Costa Rica’s delegation is essential to discuss and propose solutions to the critical climate situation in the world, visualize and position the efforts made by the country in favor of decarbonization, environmental conservation and sustainable development, as well as trying to access resources to finance important projects for the country.

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