UNEP Finance Initiative (UNEP FI) – Sustainable Finance Advisor for Costa Rica

Result of ServiceThe purpose of this consultancy is to perform the role of support for the project coordination of the Green Climate Fund (GCF) Readiness project “Aligning financial flows of the financial sector in Costa Rica with the Paris agreement climate change goals ” whose main objective is to provide the guiding structure for the financial sector to: (1) mobilize private capital flows towards a low-emission and climate-resilient economy and; (2) strengthen the resilience of the financial system to climate-related financial risks. A Project Coordination Unit (PCU) will be responsible for the management of the project’s day-to-day activities, including providing the necessary strategic guidance and technical expertise to the startup, implementation and closure of the project. The PCU’s objective will be to manage, coordinate, and follow up the activities established under the approved proposal. The PCU will consist of a Project Coordinator, and a Sustainable finance specialist Consultant, both consultants. The Sustainable finance specialist Consultant will work in close coordination with the Project Coordination, and other internal partners (technical teams of other areas of UNEP FI involved in the execution of the project). The PCU will build a smooth relationship with members of the Financial Advisory Group (BCCR, SUGEF, SUGESE, SUPEN, SUGEVAL, and private financial sector associations) and of the workstreams, working groups, and technical roundtables created under this with whom must work in close coordination and articulation; hence, acting as a coordination focal point for the FAG’s workstreams and working groups. Work LocationWorking remotely / Home-based Expected duration12 months Duties and ResponsibilitiesThe United Nations Environment Programme (UNEP) is the leading global environmental authority that sets the global environmental agenda, promotes the coherent implementation of the environmental dimension of sustainable development within the United Nations system and serves as an authoritative advocate for the global environment. The overall objective of the UNEP’s Industry and Economy Division is to encourage decision makers in government, local authorities, and industry to develop and adopt policies, strategies and practices and technologies that promote sustainable patterns of consumption and production, make efficient use of natural resources, ensure safe management of chemicals and contribute to making trade and environment policies mutually supportive. It promotes the development, use and transfer of policies, technologies, economic instruments, managerial practices and other tools that assist in environmentally sound decision making and the building of corresponding activities. The United Nations Environment Programme Finance Initiative (UNEP FI) is the strategic partnership between the United Nations and over 500 banks, insurers, and investors. For over 32 years UNEP FI has been shaping and driving the international sustainable finance agenda, setting global standards, and growing a global network of leading financial institutions. Through its work-streams delivering resources to advance sustainable finance and regional activities, peer learning, training and research, UNEP FI carries out its mission to help the financial industry align with and contribute to the Sustainable. Global policy and regulatory measures on sustainable finance have increased substantially over the recent years. Public policy critically affects the ability of finance institutions to generate sustainable positive and reduce negative impacts through financing decisions. It affects the sustainability and stability of financial markets, as well as social, environmental and economic systems. Sustainable finance policies have become central to enabling and accelerating a successful transition. UNEP FI's activities in in the Latin American and Caribbean (LAC) region contribute to expand the regional sustainable finance market with the aim to attract private capital towards environmentally sustainable investments. Working on policy and regulatory developments in the LAC region provides a unique opportunity for UNEP FI’s Policy Team to consolidate its position as a leading advocate for sustainable finance globally. In addition, UNEP FI has been mandated by several Member States to support the development of policy and regulatory frameworks in the LAC region including contributing to several Multilateral Policy Platforms on Sustainable Finance. In 2022, the GCF board approved the GCF Readiness Proposal “Aligning financial flows of the financial sector in Costa Rica with the Paris Agreement climate change goals”. The National Designed Authority (NDA) in Costa Rica, the Ministry of Environment and Energy (MINAE), has nominated UNEP to be its Delivery Partner for this proposal. UNEP FI´s is looking for a Sustainable Finance Specialist for the GCF Readiness Project “Aligning financial flows of the financial sector in Costa Rica with the Paris Agreement climate change goals”, who will be under the direct supervision of the Programme Management Officer on Sustainable Finance for the LAC. Additionally, he/she will work in with national consultants and government and non-governmental counterparts. The Sustainable Finance Specialist for the GCF Readiness Project in Costa Rica will work 40 hours per week, from Monday to Friday, full time and he/she will be in San José, Costa Rica. The incumbent will directly report to the UNEP Programme Management Officer on Sustainable Finance for the LAC region. This GCF Readiness aims to provide the guiding structure for the financial sector to: (1) mobilize private capital flows towards a low-emission and climate-resilient economy and (2) strengthen the resilience of the financial system to climate-related financial risks. Mainly, the GCF Readiness seek to build the country capacity for: (1) national sustainable finance taxonomy development and implementation and (2) the identification, measurement, and disclosure of climate-related financial risks, aligned with TCFD recommendations. This GCF Readiness in Costa Rica builds upon the existing engagement and commitment from the Costa Rica’s financial sector, ensuring the transfer the international best practices and lessons learned, and adjust them to the Costa Rican context by leveraging existing policies, structures, and capacities. On the one hand, the General Superintendency of Financial Institutions (SUGEF), under the National Climate Change Metric System (SINAMECC) and the Data, Capture, Verification, and Loading System (SICVECA), implemented and piloted the “Guidance for reporting information on climate finance in financial institutions” in the banking sector with the aim of monitoring the climate financial flows. The Readiness grant proposal for Costa Rica will use this Guidance and the SUGEF and SICVECA exercise on monitoring climate finance flows in the banking sector as a baseline for the development and implementation of a national sustainable finance taxonomy. Also, the Central Bank of Costa Rica has taken first steps to improve its understanding of the risks associated with climate change for the financial system. In 2020, the Central Bank of Costa Rica (BCCR) launched the 2020-2023 Strategic Plan, which includes two lines of action: (1) Integrate climate change risks into financial stability monitoring and prudential supervision and (2) Strengthen analytical capacity and macroeconomic modeling to strengthen forecasting and monetary policy analysis, including the study of variables such as employment and climate change. In addition, the General Superintendence of Insurance (SUGESE) has also taken important steps in this sense, such as its communication to the insurance market specifying that the parametric insurance modality may legally operate in the country. This one of specific relevance to increase climate resilience for insurance and re-insurance companies. This Readiness proposal in Costa Rica, based on the final methodological framework and the piloting test to quantitatively analyze the level of exposure of the banking and insurance sector to climate-related financial risks, will also provide recommendations for the country’ regulatory and supervisory authorities and policy makers to improve the resilience of the financial system to climate-related financial risks. In general, these are signs of the country’s commitment and the sector awareness to adapt to climate change, which provides an important basis for the implementation of the GCF Readiness in Costa Rica. The main beneficiaries of this GCF Readiness in Costa Rica are the private financial institutions in Costa Rica (banks, insurers, and investors), Central Bank of Costa Rica, and financial supervisors and regulators (SUGEF, SUGESE) Superintendency of Pensions (SUPEN), and Superintendency of Securities Market (SUGEVAL)). The PCU will consist of a Project Coordinator, and a Sustainable finance specialist, both consultants. The Sustainable finance specialist consultant will work under the direct supervision of the UNEP Programme Management Officer on Sustainable Finance for the LAC region. The Sustainable finance specialist consultant will work in close coordination with the Project Coordinator, who is also under the PCU, all individual technical consultants, and other internal partners (technical teams of other areas of UNEP FI involved in the execution of the project). The PCU aim to achieve the project results/activities/deliverables as defined in the approved project document and in the agreed workplans through timely and quality implementation, monitoring and reporting. Objectives: The purpose of this consultancy is to perform the role of Sustainable Finance Specialist of the Green Climate Fund (GCF) Readiness project “Aligning financial flows of the financial sector in Costa Rica with the Paris agreement climate change goals ” whose main objective is to provide the guiding structure for the financial sector to: (1) mobilize private capital flows towards a low-emission and climate-resilient economy and; (2) strengthen the resilience of the financial system to climate-related financial risks. Specific tasks and responsibilities : A. Technical inputs and project activities execution: - The consultant will liaise with the relevant national and regional actors (which may include GCF accredited entities, civil society organizations and the private sector), to help develop the Terms of reference for the Readiness projects of Costa Rica for the GCF. The consultant is expected to prepare the documentation needed for the successful delivery of the meetings and workshops and be in constant communication with the leading entities of the government. The consultant is expected to collaborate with the specialist in GCF processes to engage with the other members of the Readiness project. - The consultant will be in contact with the relevant national actors (which include financial superintendencies, local ministries and specialized institutions, financial entities, civil society organizations and the private sector), to elaborate the workplans and constitutive arrangements for the Financial Advisory Group (FAG). The consultant is expected to prepare the documentation needed for the successful delivery of meetings and workshops and be in constant communication with the leading entities of the government. - The consultant will cooperate with financial superintendencies, local ministries and specialized institutions, financial entities, civil society organizations and the private sector, to develop, pilot, and endorse the Costa Rica’s Sustainable Finance Taxonomy. The consultant is expected to gather all relevant technical documentation necessary for the development, adoption and piloting of the Taxonomy, as well as prepare the technical concept for the meetings and workshops necessary for this purpose. - The consultant will liaise with financial superintendencies, climate risk specialized institutions and financial entities, to develop, pilot, and endorse a framework for the identification, assessment and disclosure of climate-related financial risks and opportunities for banking and insurance sectors. The consultant is expected to gather all relevant technical documentation necessary for the development, adoption and piloting of the framework, as well as prepare the technical concept for the meetings and workshops necessary for this purpose. - The consultant will cooperate with climate-risk specialized institutions in developing capacities in financial entities and supervisors on sustainable finance taxonomy (including green labeling of financial products and green bonds) and climate-related financial risks. The consultant is expected to coordinate all relevant technical elements necessary for the celebration of the capacity building sessions through online training program, as well as prepare the technical concept for the meetings and workshops necessary for this purpose. - The consultant will cooperate with the project coordinator, the officials of the Ministry of Environment and Energy, and the officials of the financial superintendencies to disseminate project’s lessons learned and activities results. The consultant is expected to coordinate all relevant technical elements necessary for elaborating news releases via the DCC website and details via the SINAMECC and SICVECA platform, and for preparing regional participations of local officials in conferences and events. - It is expected that the Sustainable Finance Specialist gives inputs and support the technical consultants hired under the project in the implementation of the overall project activities under outputs:  Output 1: The Country Programme, relevant to the NDC and the NDP goals, has been developed and ready to be approved by the NDA.  Output 2: Readiness needs assessment to develop an action plan with strategies for Readiness support.  Output 3: Workplans and constitutive arrangements for the Financial Advisory Group (FAG) established to develop 1) Costa Rica’s sustainable finance taxonomy; and 2) methodologies and tools for identifying, assessing, and managing climate-related financial risks.  Output 4: The sustainable finance taxonomy is developed, piloted, and endorsed by relevant national financial actors.  Output 5: Framework for the identification, assessment and disclosure of climate related financial risks and opportunities for banks, insurance companies, investment funds, and pension funds are developed, piloted and endorsed by relevant national financial actors.  Output 6: Capacity within financial institutions is built on sustainable finance taxonomy, climate-related financial risks exposure and management, green products/lines, including green bonds.  Output 7: Lessons learned, and activities results are shared and disseminated with national and international finance sector audiences as well as the wider climate change policy community, thus ensuring the practical use of the deliverables and procedures of classification designed for this purpose. B. Project Planning and Implementation: • Support the management of the project by maintaining delivery of proper technical, operational, financial, and administrative outputs, while tracking the project progress through monitoring, evaluation, and reporting. • Provide background information and technical inputs on all completed deliverables to be submitted and approved by the UNEP Programme Management Committee on Sustainable Finance for the LAC region and the Project Steering Committee (PSC), ensuring high quality, and satisfactory management and use of GCF/UNEP resources. • Support on the monitoring and reporting on project performance and delivery to the UNEP Programme Management Officer on Sustainable Finance for the LAC region, GCF Focal Point and the UNEP Task Manager, including progress, achievements, challenges encountered and proposed corrective actions. • Propose the development of cross-project linkages with other relevant projects and programmes for mutually reinforcing impact; and • Participate in national, regional, and global conferences when necessary. C. Building Strategic Partnerships: • Facilitate collaborative and consultative processes with all key stakeholders to ensure the involvement of government and other stakeholders (including national and local authorities, non-government organizations, academia, and private sector actors) in the development of project deliverables and results. • Prepare the work and facilitate the meetings and communications to and from the different bodies created under the Project; act as a secretary for the Project Steering Committee (PSC); develop the agenda for the PSC meetings and prepares all technical background documentation in consultation with the other partners, following the general direction of the UNEP Programme Management Officer on Sustainable Finance for the LAC region. • Establishing effective linkages with other relevant projects and initiatives in the sector with a view to developing substantive partnerships and generating synergies. • Identifying opportunities for deepening the cooperation and recommending adequate approaches to dealing with different stakeholders based on information on all relevant stakeholders gathered during project implementation. • Support the partnerships and advocacy activities agreed by the UNEP LACO & UNEP FI in the area/sector covered by the project. D. Project Support on Finance, Administrative and Human Resources: - Support the Project coordinator / Project Team to ensure that financial, procurement and human resource processes are managed in line with the terms of the GCF Readiness agreement and UNEP rules and regulations, and that records of project documents and assets/equipment lists, including financial and procurement documents, are maintained in accordance with audit requirements. - Collaborate in the preparation of monthly and bi-annual project Interim Progress Report (IPMR), as well as Annual Project Reports for the GCF. - Support the Project coordinator / Project Team in the preparation and submission of budget revisions, financial reports, request for changes (if needed), and cash advance requests; and - Support the Project coordinator / Project Team to resolve logistical and organizational issues under the guidance of the UNEP Programme Management Officer on Sustainable Finance for the LAC region, the GCF Focal Point and the UNEP Task Manager; Outputs and Deliverables: The Sustainable Finance Specialist for the GCF Readiness Project “Aligning financial flows of the financial sector in Costa Rica with the Paris Agreement climate change goals” will also work as part of the UNEP FI Policy team, under the supervision of the LAC Policity Lead, to submit the following deliverables: 1. A comprehensive inception report detailing the scope for the banking sector, methodology tailored for the banking sector, and execution plan for the pilot phase, including a detailed work plan and description of required inputs and milestones. The inception report must consider the existing governance structure, and the working group established for the piloting phase in the banking sector and define their roles within the piloting phase. 2. Up to Six (6) presentations with the assessment of how each bank in Costa Rica incorporates green loan classification into operational management (baseline situation analysis), including a gap analysis and recommendations to close the gaps for implementing the Costa Rica Sustainable Finance Taxonomy in each bank. For banks with operations in other countries, please include practical recommendations on interoperability with other relevant taxonomies (ex. Colombia, Panama, Central America, European Commission). 3. A diagnosis summary with key findings based on phase 1 and 2 of the tasks (no more than 3 pages). This diagnosis summary should include the assessment of each bank’s sustainability management practices, environmental and social risk management frameworks, and governance structures for sustainability issues and processes defined within each banking entity for the management of green credits are analyzed (origination, labelling, monitoring and reporting, and closure). 4. One (1) report of no more than 30-50 pages with recommendations for the General Superintendency of Financial Entities of Costa Rica and banking institutions to define the financial regulatory requirements and other actions to close the gaps for the implementation of the Costa Rica’s Sustainable Finance Taxonomy in the banking sector (including a gap analysis and recommendations to close the gaps for the implementation of the Costa Rica’s Sustainable Finance Taxonomy in the banking sector). This should contain a gap analysis and an action plan with recommendations for improving taxonomy application and scalability (financial entities participating, financial regulators and supervisors, and the national finance industry associations). This corresponds to deliverable 2.4.2h (ii) as in the project logframe. 5. One (1) presentation for the Superintendency of summarizing the main findings of the pilot in the banking sector. 6. One (1) guidance document on the practical implementation of the Costa Rica’s Sustainable Finance Taxonomy its tool for the banking sector, including case studies and recommendations for further scale-up. 7. A comprehensive inception report detailing the scope for the insurance sector, methodology tailored to insurers, and execution plan for the pilot phase, including a detailed work plan and description of required inputs and milestones. The inception report must consider the existing governance structure, and the working group established for the piloting phase in the insurance sector and define their roles within the piloting phase. 8. Up to Three (3) presentations with the assessment of how each insurance company in Costa Rica is aligned within its insurance offer (in underwriting) with the Costa Rica’s Sustainable Finance Taxonomy (taxonomy eligibility and alignment) (baseline situation analysis), including a gap analysis and recommendations to close the gaps for the implementation of the Taxonomy in each insurance company. For insurers with operations in other countries, please include practical recommendations on interoperability with other relevant taxonomies (ex. Colombia, Panama, Central America, European Commission). 9. A diagnosis summary with key findings based on phase 1 and 2 of the tasks (no more than 3 pages). This diagnosis summary should include the assessment of each insurer company’s sustainability management practices, environmental and social risk management frameworks, and governance structures for sustainability issues and processes defined within each insurer entity for the management of green underwriting products are analyzed (origination, labelling, monitoring, and reporting, and closure). 10. One (1) report of no more than 30 pages with recommendations for the General Superintendency of Insurance to define the financial regulatory requirements and other actions to close the gaps for the implementation of the Costa Rica’s Sustainable Finance Taxonomy in the insurance sector of the country (including a gap analysis and recommendations to close the gaps for the implementation of the Taxonomy in the insurance sector). This should contain a gap analysis and an action plan with recommendations for improving taxonomy application and scalability (financial entities participating, financial regulators and supervisors, and the national finance industry associations. 11. One (1) guidance document on the practical implementation of Costa Rica’s Sustainable Finance Taxonomy, its tool for the insurance sector, including case studies and recommendations for further scale-up. The consultant shall be under the overall supervision of the Head of UNEP FI and will be reporting directly to the Programme Officer responsible for LAC Policy. Qualifications/special skillsEducation: A bachelor’s degree in engineering, economics, finance, business administration, political science, or a related field of study is required. A master’s degree may be accepted in lieu of a bachelor’s degree, provided the candidate has 2 years of experience. Specializations in Sustainable Finance, Sustainability, Urban planning, Finance and/or Climate change & biodiversity are highly desirable. Professional Experience: • At least four (4) years of professional experience in activities involving finance project management, and/or management of financial data, budgeting, and reporting is required. • Proven knowledge in the field of finance and sustainability is required. • Experience in contributing to the coordination of strategic processes and meetings, including experience in the definition of agendas, identification of relevant participants and preparation of technical documents and presentations is desirable. • Proven knowledge in international agreements, environmental agreements, and Costa Rica´s regulation is highly desirable. • Strong understanding of budgeting is desirable – having familiarity with UNEP administrative program, and financial procedures is desirable. LanguagesLanguage: English is the working languages of the United Nations Secretariat. For this position, fluency in oral and written English and Spanish is required. Knowledge of other United Nations languages is an asset. Additional InformationSkills & Knowledge: • Proficiency in using Microsoft Package (Teams, SharePoint, OneDrive, Word, Excel, Power BI, PowerPoint) collaborative platforms (i.e., Google Drive) and virtual meeting platforms (i.e. Webex, Zoom, etc.) is highly desirable. • Ability to formulate and manage budgets, manage transactions, conduct financial analysis, and reporting: excellent project oversight functions, including audit, accurate and thorough risk assessment is highly desirable. • Ability to oversee timely project implementation and to provide the necessary trouble shooting to keep project implementation on schedule is desirable. • Openness to change and ability to receive/integrate feedback is desirable. 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.