Climate Change Risk and Sustainable Finance Regulation IC (URF)

Please note that the deadline is based on Korean Standard Time Zone (KST, UTC+9)

INTRODUCTION TO GGGI

The Global Green Growth Institute (GGGI) is a treaty-based international, inter-governmental organization dedicated to supporting and promoting strong, inclusive and sustainable economic growth in developing countries and emerging economies. To learn more please visit about GGGI web page.

General Information

Project: Enhancing Climate and Nature Risk Management and Sustainable Finance in Colombia; Output: P-CO043-E1-3

Duty Station: Bogotá (COL)

Contract Duration: 13/01/2026 - 29/05/2026

Number of Workdays Estimated (internal purpose only): 90 days

Consultant Level: L3

Total Fees: $18.000 USD

Project background

In recent years, Colombia has taken important steps to green its financial sector, with the development of a national green taxonomy, the introduction of sustainability reporting initiatives, and the integration of climate-related risks into supervisory frameworks such as SARAS. Despite this progress, significant gaps remain in translating international standards—such as IFRS S1/S2 and the Taskforce on Nature-related Financial Disclosures (TNFD)—into actionable national regulations and supervisory tools.

Under the UK PACT-funded project “Enhancing Climate and Nature Risk Management and Sustainable Finance in Colombia”, the Global Green Growth Institute (GGGI) is supporting regulatory authorities in aligning Colombia’s financial system with evolving international frameworks. The project provides technical assistance to strengthen the management of climate- and nature-related risks and to ensure that Colombia’s regulatory architecture enables sustainable financial flows that contribute to biodiversity conservation and climate resilience.

A critical component of the project involves supporting the Financial Superintendency of Colombia (SFC) and the Ministry of Finance in reviewing and updating existing regulatory instruments—such as SARAS and sustainability disclosure requirements—to reflect global best practices. This includes leveraging the findings of Colombia’s upcoming stress test on climate and nature risks and identifying regulatory entry points for mainstreaming ESG, climate, and biodiversity considerations across financial policies.

To support this process, GGGI seeks a high-level consultant with deep expertise in financial regulation and public policy to advise on the alignment of national regulations with emerging sustainability standards. This assignment will directly contribute to enhancing Colombia’s regulatory readiness and sector-wide adoption of climate and nature risk management practices.

To further strengthen Colombia’s regulatory readiness, the project also seeks close alignment with the Financial Regulation Unit (URF), recognizing its central role in designing primary financial regulation and developing forward-looking policy instruments. By providing inputs derived from the IFRS S1/S2 and TNFD gap assessment and the climate-nature stress test, the project will support the URF in evaluating policy pathways, identifying regulatory entry points, and articulating options for updating Colombia’s financial regulatory architecture. This coordination ensures that the project’s analytical products directly inform URF’s policy development processes, enhancing coherence with the SFC’s supervisory actions and the Ministry of Finance’s strategic priorities.

Objectives of the assignment

The consultant will provide high-level technical and regulatory support to the Unidad de Regulación Financiera (URF) to develop policy and regulatory options that integrate climate-related financial risks and environmental accounting principles into Colombia’s prudential and market-regulation frameworks. The consultancy will be fully articulated with URF’s institutional workplan, will build upon the technical inputs generated by the UK PACT project (including the IFRS S1/S2 and TNFD gap analysis and the climate-nature stress test), and will contribute directly to the formulation of URF’s national climate-risk regulatory document, ensuring coordination with the SFC and the Ministry of Finance.

Deliverables and Payment schedule

The assignment is structured to ensure full alignment with the three core outputs of the UK PACT project and to directly support the regulatory agenda of the Unidad de Regulación Financiera (URF). The consultancy will draw on the analytical evidence generated by the Gap Assessment on Regulatory Alignment with IFRS S1/S2, TNFD standards, and the Climate/Nature Stress Test (Output 1); contribute directly to the development of the Regulatory Recommendations and Roadmap for aligning Colombia’s financial-sector regulations with IFRS S1/S2 and TNFD standards (Output 2); and provide technical inputs to the capacity-building and technical guidelines on climate, nature and GEDSI-related risks (Output 3). This structure ensures regulatory coherence and coordinated action across URF, SFC, MinHacienda, CTCP, and financial-sector associations, strengthening Colombia’s readiness to manage climate- and nature-related financial risks.

The consultancy’s scope includes:

I. Prudential standards, capital requirements, and risk identifying gaps and opportunities to integrate climate-related financial risks in alignment with Basel III/IV, NGFS recommendations, and related standards; and

II. Capital markets regulation—examining sustainable investment frameworks, issuance requirements, and corporate governance practices, informed by emerging international markets.

Designing policy and regulatory recommendations for a Financial Regulation Adapted to Climate Change, covering prudential, governance, and investment dimensions, and proposing differentiated approaches for banking, insurance, and capital markets.

Preparing evidence-based documents and presentations to support country-level discussions and facilitate the submission of regulatory proposals before the URF Council by April–May 2026, ensuring full articulation with URF’s institutional workplan and its climate-risk regulatory document.

Deliverable

Description

% Percentage Of Maximum Amount

Due Date

Deliverable 1. Detailed Work Plan and Methodology.

The deliverable 1 establishes the operational foundation of the consultancy. It must include:

12%

Two weeks after the start date

Deliverable 2. Preliminary Regulatory Review (International Standards Review).

Provides a comprehensive technical review of relevant international standards and practices on climate- and nature-related financial risks, prudential regulation, and sustainable finance. It must complement, without duplicating, the analytical evidence generated under the UK PACT project. It includes:

Associated Workshop: Workshop 1 (URF): International Standards & Benchmarking Workshop. Purpose: Validate relevance, applicability, and implications of international standards for the Colombian context and the URF regulatory agenda.

22%

Five weeks after the start date.

Deliverable 3. Technical Package: Regulatory Gaps Diagnosis.

Core analytical deliverable comparing Colombia’s primary financial regulation with the international standards assessed in Deliverables 1–2 and with the evidence from the UK PACT Gap Assessment and Climate/Nature Stress Test. It includes:

Associated Workshop: Workshop 2 (URF) – Regulatory Gaps & Preliminary Pathways Workshop. Purpose: Validate findings, discuss regulatory pathways, and prioritize interventions.

33%

Nine weeks after the start date

Deliverable 4. Final Consolidated Report and Validation Package.

Comprehensive final package integrating all URF and GGGI feedback. It must be ready for internal validation and preparation for submission to the URF Council (April–May 2026). The deliverable includes:

Associated Workshop: Workshop 3 (URF). Final Validation & Regulatory Options Workshop. Purpose: Validate final regulatory proposals and the implementation roadmap.

33%

Eighteen weeks after the start date.

Reporting Arrangements.

The consultant will report directly to the Sustainable Finance Senior Officer at GGGI Colombia. Progress will be monitored through weekly meetings and coordination calls with the GGGI team, as well as periodic technical exchanges with the URF. All deliverables must be submitted in Spanish, accompanied by an executive summary in English. Editable files and technical annexes must be uploaded to GGGI’s SharePoint system. The Global Green Growth Institute (\"GGGI\") is committed to transparency, accountability, and openness in the organization. In case of any doubt, please refer to our Whistleblower policy in the link: http://gggi.org/site/assets/uploads/2017/11/Whistleblower-Policy_02072015.pdf

Expertise required

Academic qualifications

Master’s degree in law, Public Policy, Finance, Economics, or related fields; or equivalent combination of relevant education and experience.

Professional Experience

Competencies:

Administrative information

Please note that the deadline is based on Korean Standard Time (KST). Applications submitted after the deadline will not be considered Application. Cover Letter, and CV must be sent in English.

Social and sustainability safeguards

GGGI as an institution abides by its project-level Sustainability and Safeguards Rules (SSR) for all projects aligned with international standards for Environmental and Social Safeguards. The SSR is aligned with commonly recognized international standards for Environmental and Social Safeguards (ESS), i.e. the WB Performance Standard, that ensure project level safeguarding of communities and people impacted by GGGI activities. GGGI has integrated project level Environmental and Social Safeguards into its Project Cycle Management (PCM) with mandatory Preliminary Gender and Social Assessments and ESS Screening of all projects to identify and manage risks.

In addition, GGGI's Gender Equality and Social Inclusion Strategy 2021-2025 provides a framework toward achieving the principle of \"Leaving No One Behind\" in the transformation towards green growth, guiding GGGI's approaches to the mainstreaming of gender equality and poverty reduction in GGGI Colombia's Program. This also includes the implementation of the GGGI Gender Equality and Poverty Reduction Policy Markers on all projects. GGGI's Corporate Results Framework requires gender disaggregated indicators for participation in GGGI Capacity Building events.

GGGI's Child Protection Rules and GGGI Rules on Sexual Exploitation ensure safeguarding of children impacted by GGGI activities or in contact with GGGI contracted personnel, with GGGI taking a zero-tolerance approach to child exploitation. GGGI is committed to child protection, irrespective of whether any specific area of work involves direct contact with children. GGGI's Child Protection Policy is written in accordance with the Convention on the Rights of the Child. All procedures mentioned above are accompanied by guidelines and capacity building efforts. GGGI also provides a work environment that reflects the values of gender equality, teamwork, embracing diversity in all its forms, integrity and a healthy balance of work and life. We are committed to maintaining our balanced gender distribution and therefore encourage women to apply. GGGI promotes equal opportunities for all people with disabilities.

All GGGI's policies are available for open consultation under the following link: https://gggi.org/policy-documents/ Child protection – GGGI is committed to child protection, irrespective of whether any specific area of work involves direct contact with children. GGGI’s Child Protection Policy is written in accordance with the Convention on the Rights of the Child.