Expected duration:
From 15 November to 31 January 2022
About the position:
Under the general supervision of the Head, Subregional Office for South-East Asia, as well as in coordination with the Economic Affairs Officer, the consultant will prepare a feasibility study on green financing options and associated policies and mechanisms which can mobilize financing towards environmental outcomes based on the following guidelines as elaborated.
The consultant must have strong climate finance expertise. Expertise on topics of green bonds, taxonomies, climate finance policy are desired. The consultant must also have strong experience in undertaking research and policy/regulatory analysis. Applicants are encouraged to provide work samples of similar work undertaken, along with their application. Questions can be directed to: escap-ffd@un.org.
Responsibilities:
I. The consultant will examine the current state of Cambodia’s banking and financial market and identify appropriate financing instruments to support a green post-COVID-19 recovery. The study will assess the feasibility of green and sustainable financing options/mechanisms, the support available from Development Financial for developing local bond markets, the potential for developing debt instruments or applying existing guarantee schemes towards green initiatives, and green lending and concessional lending options, including blended finance. The study will also provide key policy recommendations, including developing taxonomies aligned with regional (e.g., ASEAN) and international standards, among other recommendations. The study will be undertaken with NBC, and associated Ministries such as the Ministry of Finance.
a) Review the current state of Cambodia’s sustainable finance market and associated financing gap to meet the demand for capital to support green initiatives. Assess the potential pipeline of green projects financed in Cambodia and the required type of capital. Review the potential issuers of green bonds: Sovereign, State-Owned Enterprises, Financial institutions, non-bank financial institutions, and corporates. The study will use relevant information (reports, studies, etc.) provided by the government as well as rely on surveys and key informant interviews, with support from the Government of Cambodia.
b) Draw out case studies and lessons from similar experiences in similar-sized markets or LDCs in the Asia Pacific: Are there any similar frameworks developed or planned in the past in similar markets? How successful were they, and what failures should be avoided? What links with the UN SDGs can be used further to enhance the attractiveness of Cambodia’s labeled bond issuance?
c) Based on the findings, assess the type and potential of green financing initiatives that could be considered to alleviate the financial gap and the stakeholders responsible. Review the appetite by investors of debt issued by Cambodian issuers;
d) Provide policy recommendations – including both short-term and long-term recommendations for green and sustainable finance development. Policy recommendations should be clear, actionable, and considered in consultation with key stakeholders to ensure applicability.
e) Identifying possible costs, benefits, and challenges associated with the recommendations. For example, for green bond issuance: What are the costs? What are the hurdles of preventing issuers from coming to market? What is the incentive for the private sector to consider green bond issuance? What is the appetite of local investors, and what alternatives are there (i.e., cross-border issuance). Finally, what are the areas for capacity-building for government and stakeholders?
II. The consultant will undertake key informant interviews, work with the NBC and relevant Ministries to gain feedback, and assess the relevance of the proposed recommendations through:
a) Undertake regular coordination with the NBC team to ensure buy-in and accuracy of the finding. The findings will be presented to NBC at a workshop or meeting of key stakeholder to deliberate and make further recommendations and support coordination on the recommendations.
b) Assist in coordination with the NBC to establish an intergovernmental technical assistance group to discuss and build awareness and knowledge of the findings.
c) Support capacity building and awareness raising of member States with respect to the Asia-Pacific region, through ESCAP partners and the network of relevant stakeholders to effectively implement policies for the achievement of sustainable development goal in the region.
III. The consultant will assist the staff in organizing and following up on a national event on green and sustainable finance development in Cambodia:
a) Review the draft of the concept note;
b) Assist in coordinating with government officials, partners, and stakeholders in Cambodia;
c) Support communication to recruit potential speakers; and
d) Support the development of the final event report.
Requirements:
Education: An advanced university degree in economics, finance, international relations, or related area.
Work Experience: A minimum of 7 years of professional experience in green or sustainable finance is required, with at least 3 years of experience in Cambodia. Experience in conducting research, drafting policy papers, capacity development materials, analytical work on capital markets development issues are desired. Experience in organizing multi-stakeholder capacity-building events is desired.
Languages: Fluency in English is required.
How to apply
To apply, please visit: https://www.unescap.org/jobs