International Consultant – Development of Blue Bond Issuance Guidelines for Kazakhstan

-Development of national Blue Bond Issuance Guidelines aligned with international principles and tailored to Kazakhstan’s water and regulatory context. -Preparation of a Blue Bond Eligibility Criteria addendum defining eligible sectors, subsectors, safeguards, and Do No Significant Harm (DNSH) principles. -Strengthened institutional and market capacity to structure and issue Blue Bonds. -Technical advisory support to 1–2 pilot Blue Bond issuers. -Finalized, consultation-based Blue Bond framework ready for joint publication by relevant national authorities.

Remote

6 months

UNEP is the voice of the environment within the United Nations system. UNEP acts as a catalyst, advocate, educator and facilitator to promote the sound use of the environment and sustainable development. Located within the Industry and Economy Division, the Finance and Economic Transformations Branch examine how the economy, trade and finance interact with the environment and contribute to sustainable development at the local, national, regional and global levels. Based in Geneva, the Division leads the Green Economy Initiative to help countries integrate environmental considerations into their economic and trade policies. The Economic and Fiscal Policy Unit (EFPU), under the Finance and Economic Transformations Branch of UNEP’s Industry and Economy Division, supports countries in advancing sustainable finance frameworks and economic policy reforms aligned with climate, nature, and pollution objectives. Under the Partnership for Action on Green Economy (PAGE), UNEP provides technical assistance to governments to strengthen green fiscal policy, sustainable finance instruments, and enabling frameworks for economic transformation. Kazakhstan has made significant progress in establishing a regulatory and market framework for green and ESG finance, including the adoption of a national Green Taxonomy, ESG bond rules, and provisions enabling sovereign green bond issuance. Building on this foundation and in light of increasing water-related challenges, the Government of Kazakhstan seeks to develop national Blue Bond Issuance Guidelines aligned with international standards and tailored to its freshwater and basin-level priorities. The consultant(s) shall undertake the following tasks: Task 1: Develop Blue Bond Issuance Guidelines •Prepare draft Blue Bond Issuance Guidelines (to be proposed for the joint publishing by either the Ministry of Ecology and Natural Resources of Kazakhstan or the Ministry of Water Resources and Irrigation of the Republic of Kazakhstan AND the Agency of RoK for Financial Markets Regulation and Development) based on a review of existing international green/blue bond frameworks, and benchmarking of international practices (ICMA Blue Bond Guidance, CBI criteria, EU taxonomy), covering: -Pre-issuance requirements (framework preparation, disclosure). -Use of proceeds. -Management of proceeds. -Reporting on the eligible use of proceeds (allocation and impact). -External review. -Ensure compatibility with ICMA’s Green and Blue Bond Principles and national regulatory context. Task 3: Consultation and Capacity Building -Organize stakeholder consultations (ministries, municipalities, SOEs, financial market regulators, exchanges, DFIs, investors) to factor in Kazakhstan’s regulatory, institutional, and water sector realities in the draft documents developed. -Revise draft documents based on feedback. -Deliver a training session for the ministries, financial regulators, municipalities, SOEs and market stakeholders. -Provide consultations and advisory support to 1-2 pilot issuer(-s) of Blue Bonds.

Advanced university degree (Master’s or PhD) in Economics, Finance, Environmental Policy, Sustainable Development, or related field. Additional certifications in sustainable finance, ESG, or bond markets (e.g. CFA ESG, ICMA Green/Social/Sustainability Bond certification, CBI, UNEP FI training) are an asset. Minimum 5 years of professional experience in sustainable finance, capital markets, or environmental finance. -At least 3 years of direct experience in green or blue bond framework development, issuance, verification, or Second Party Opinion processes. -Proven experience with international standards such as ICMA Principles, CBI criteria, and EU Taxonomy. -Experience working with governments, financial regulators, or development finance institutions is highly desirable. -Experience in emerging markets or Central Asia is an asset.

-Fluency in English required. Knowledge of Russian is an asset.

Not available.

THE 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.