Central Banks of Central America and the Dominican Republic begin a workshop on estimating the economic impacts of climate change

On Monday, October 7, 2024, the first of four virtual workshops were held that aim to develop a function of economic damages derived from climate change for the countries of Central America and the Dominican Republic. This workshop was attended by representatives of the Central Banks of Guatemala, El Salvador, Costa Rica, the Dominican Republic, Honduras and Nicaragua and the Superintendency of Banks of Panama.

Given the worsening effects of climate change, the ability of central banks to estimate and manage climate risks is crucial for economic stability. In response to this need, the Executive Secretariat of the Central American Monetary Council (SECMCA) has established a collaboration with ECLAC to strengthen the analytical capacities of central banks in relation to the impact of climate change. The workshop marks the beginning of a joint effort that aims to generate tools that allow measuring the effects of climate change on the economies of the region.

With this initiative, the central banks of Central America and the Dominican Republic will strengthen their capacities to analyze the consequences of climate change and the policies to combat it.