Green Finance Consultant

Result of ServiceUnder the general supervision of the Economic Affairs Officer of the Financing for Development Section (FfDS), Macroeconomic Policy and Financing for Development Division (MPFD), the consultant will undertake the following tasks: 1. Increase the BoM’s understanding of climate risks and climate change impacts on the country’s economic and monetary policies. 2. Conduct local research and gather primary data related to economic and financial risks of climate change in Mongolia and their direct and transition impacts in Mongolia for the next 3 decades feeding into the initial inception report. 3. Identify and liaise with local experts and institutions for insights on the economic impacts and financial portfolio-related impacts of climate change specific to Mongolia. 4. Compile local and international best practices that are relevant to greening the Bank of Mongolia. 5. Gather information on legal mandates and regulations that pertain to the Bank of Mongolia’s role in tackling climate-related risks. 6. Facilitate in the compilation of in the compilation of local stakeholder feedback for the reports and discussion papers. 7. Contribute to the preparation of workshop/training materials with a focus on local relevance and context. 8. Coordinate logistics for the suggested workshops and invite relevant local stakeholders. 9. Contribute to the development of training materials and the documentation of methodologies and processes. 10. Conduct research to support the creation of ESG guidelines and regulations. 11. Coordinate to compile a final report on ESG and climate taxonomy in Mongolia by gathering data, case studies, and stakeholder inputs. 12. The consultant will coordinate effectively with the appointed international consultant who will support the undertaking the project's research and analysis. The consultant's role will be to ensure that the documents produced are thorough and locally relevant. Performance indicators for the evaluation of outputs. • Punctuality of submissions and performance • Demonstrated expert knowledge of the subject area • Quality of analysis, recommendations or conclusions in reports/studies • Quality of written output Work LocationWork Remote Expected duration10 March 2025 - 31 October 2025 Duties and ResponsibilitiesClimate change poses a substantial and escalating risk to Mongolia's financial system, affecting various sectors that are critical to the economy. The country is experiencing increasing temperatures at a rate three times faster than the global average, rising more than 2 degrees centigrade, contributing to extreme weather events such as droughts, severe winters, and desertification. These climate-induced challenges are especially damaging for key economic sectors like agriculture, mining, and infrastructure, thereby introducing a layer of risk to financial institutions heavily invested in these areas. For instance, the agriculture sector accounts for approximately 14 per cent of GDP and employs around a third of the Mongolian workforce, as of 2019 data. Disruptions in this sector due to climate-related impacts can lead to loan defaults, reduced collateral value, and an increase in non-performing loans, jeopardizing the stability of the country's banking system. Furthermore, Mongolia's susceptibility to climate risks poses a threat to investor confidence, affecting capital flows and foreign investments crucial for the nation's development. Therefore, integrating green finance considerations and risk management practices, following international best practice into Mongolia's financial sector policies is imperative for mitigating these risks and fostering sustainable economic growth. The Bank of Mongolia (BoM) has set forth an objective to minimize the adverse effects of climate change by greening the financial sector as a critical goal of its 2022 Monetary Policy Guidelines. Within this context, BoM aims to introduce and enforce commonly accepted concepts and principles of green and sustainable financing in the banking sector, identify and assess various climate change risks that may affect the financial system, and strengthen the financial system's resilience to these risks. United Nations Economic and Social Commission for Asia and the Pacific, with funding support from the NDC Partnership, will provide readiness support to the Bank of Mongolia, for the greening of Mongolia’s banking system from 2023-July 2025. The Green Finance Consultant will act as the in-country focal point to support the implementation of the project. The consultant will undertake data gathering and provide research assistance for the policy papers/reports produced for the Bank of Mongolia, liaise with government officials and other stakeholders, facilitate consultations and meetings with country stakeholders, assist in the preparation of project missions, and work closely with the project team. Overall, the Consultant will work to ensure the successful implementation of the project, with the ultimate objective of allowing the Bank of Mongolia to mitigate the monetary impacts and financial stability risks due to climate change. Qualifications/special skillsAdvanced university degree in international economics, finance, environmental science, development studies or related fields. At least 3 years of experience in sustainable finance or ESG is required. Expertise and understanding of banking regulations, financial instruments, and financial risk management is essential. Previous consulting experience with banks, government bodies and familiarity with how government institution’s function. Ability to use statistical tools and software for policy analysis preferred. Ability to manage data collection and high-quality research projects from conception to completion within specified timelines is essential. Experience in climate impact modeling is beneficial but not required. Experience working in Mongolia is highly desirable or in similar economies is required. Applicants should provide at least one (1) research or publication samples that they have contributed to, along with their application. The research should ideally be related to green or sustainable finance. LanguagesFluency in English is required. Additional InformationNot available. No FeeTHE UNITED NATIONS DOES NOT CHARGE A FEE AT ANY STAGE OF THE RECRUITMENT PROCESS (APPLICATION, INTERVIEW MEETING, PROCESSING, OR TRAINING). THE UNITED NATIONS DOES NOT CONCERN ITSELF WITH INFORMATION ON APPLICANTS’ BANK ACCOUNTS.