Sustainable Finance Officer
Based in Lima, Peru, the Sustainable Finance Officer will act as the Sustainable Finance focal point of the GCF Readiness project, originating and structuring sustainable finance instruments and mechanisms to integrate environmental, social and climate change considerations in Peruโs financial sector to accelerate the mobilization of international climate finance and private investments.
The Office will work within the premises of the Ministry of Economy and Finance, Directorate of International Economics, Competition and Productivity Affairs, in which relies also the National Designated Authority, and report to GGGI Public Finance Senior Officer.
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.
CONTEXT
Peruโs progress in advancing the implementation of its climate policy has been slow, with the countryโs greenhouse gas (GHG) emissions, excluding land use, land-use change and forestry (LULUCF), increasing by 90% from about 54 MtCO2eq in 1990 to 109 MtCO2eq in 2021. Simultaneously, Peruโs economy and its population are highly vulnerable to climate change, especially water and food insecurity.
Peru faces significant barriers in addressing climate change, including limited institutional capacity to integrate environmental, social, and climate considerations into financial planning and public debt tools; local financial sector unable to effectively screen and mitigate climate risks; a lack of mechanisms to integrate climate change considerations into PPPs; and constrained institutional ability to tap into international climate funds like the GCF. These challenges affect governmental entities such as MEF, MINAM, SBS, and SMV, as well as local financial institutions and infrastructure planning bodies. As a result, the country's climate action, sustainable development, and infrastructure resilience efforts are hindered, making it more vulnerable to the impacts of climate change.
GGGI program aims to support the Government of Peruโs climate finance efforts by delivering a set of complementary workstreams:
PURPOSE
Accelerate the integration of E&S and climate change standards in Peruโs public finance sector through capacity building and technical assistance to the Ministry of Economy and Finance, Ministry of Environment and national development banks among others identified as relevant; Assist the integration of gender and climate change considerations into Peruโs public budget through the development of a Climate and Gender Budget Tagging methodology; Promote sustainable banking practices through policy recommendations and capacity building; Advise public and private financial sector actors on the design and structuring of innovative sustainable finance instruments, including thematic bonds, green credit programs and debt for nature swaps, among other instruments identified as relevant in the project; Deliver on-demand technical assistance to the Ministry of Finance on sustainable finance matters, in coordination with the General Directorate of International Economics, Competition and Productivity Affairs, in which relies also the National Designated Authority.
ENGAGEMENT
Organize and deliver consultation and validation workshops to validate products and activities; Build and maintain strong relationships with public and private sector counterparts, financial institutions, project developers, banking and multilateral partners and government officials; Engage with focal points, accredited entities and executing entities of international climate funds, including the Green Climate Fund, Adaptation Fund and Global Environment Facility; Support the Project manager with go to market engagement activities, including mapping, engagement and negotiation with investors.DELIVERY
Develop and deliver sustainable banking and sustainable finance capacity building material; Develop recommendations for MEF and SBS to design sustainable banking regulations to promote mitigation and disclosure of ESG and climate-related financial risks; Support local financial institutions in the design and implementation of Environmental and Social Management Systems and green credit lines; Assist MEF and MINAM in the planning and implementation of pre- and post-transaction activities for GSSS bonds and debt for nature swaps (e.g. GSSS Bond Framework development); Originate, validate and develop GCF concept notes to access long-term concessional capital from international climate funds. Evaluate, analyze, and report on economic and financial environment and related matters requested by the General Directorate.
REQUIREMENTS
QUALIFICATIONS
Bachelorโs degree in Public Administration, Finance, Economics or other related fields; Preferably an advanced degree in Finance, Public Administration, Economics, Sustainable Development, or other relevant field Preferably 5 years of professional sustainable finance experience, including thematic bonds, green credit/loans, sustainable banking, climate funds, climate-smart PPPs, etc. Proficient communication skills, in written and oral, both in English and Spanish is required. Must be a Peruvian citizen, or a foreigner holding a valid Work VisaFUNCTIONAL
Demonstrated ability to formulate project proposals in compliance with requirements of various climate finance funds Ability to interact and form relationships with high-level government officials and partners Knowledge of and experience in adhering to internationally agreed environmental and social safeguards (ESS) and gender-sensitive design requirements.CORPORATE
Understand and actively supports GGGIโs mission, vision and values. Promote diversity and inclusion. Promote the optimum use of public resources. Promote an organizational culture of trust, transparency, respect and partnership. Process and share information easily. Manage emotions and stress positively, builds rapport and resolves conflict easily. Promote creativity and innovation among staff. Be able to lead where needed and provide solutions to project-level challenge. Strong ability to work independently and/or remotely, while maintaining productivityINTRODUCTION
The Global Green Growth Institute (GGGI) is an intergovernmental organization founded to support and promote a model of economic growth known as green growth, which targets key aspects of economic performance such a poverty reduction, job creation, social inclusion, and environmental sustainability. GGGI works with countries around the world, building their capacity and working collaboratively on green growth policies that can impact the lives of millions. The organization partners with countries, multilateral institutions, government bodies, and the private sector to help build strong economies that are more efficient and sustainable in the use of natural resources, less carbon intensive, and more resilient to climate change. GGGI supports stakeholders through complementary and integrated workstreams that deliver comprehensive products designed to assist in developing, financing, and mainstreaming green growth in national economic development plans.
GGGI has a diverse portfolio of programs in developing countries around the world. These in-country programs, together with global products and services, focus on delivering results through an integrated approach of evidence-based green growth planning and implementation aligned to countriesโ development priorities.
GGGI in collaboration with the Ministry of Economy and Finance of the Government of Peru is rolling out a 36-month technical assistance program to the Government of Peru titled โMobilizing International Climate Finance and Private Investments for Low-Carbon and Climate Resilient Development in Peruโ. The program, funded by the Green Climate Fund (GCF) Readiness and Preparatory Support Program, aims to play a pivotal role in the implementation of the countryโs Climate Finance Strategy (CFS) and Green Finance Roadmap (GFR) which outline strategic measures and actions to accelerate the flow of international climate finance and private sector investments towards low-carbon, resilient projects and initiatives.