Sustainable Finance Senior Officer

INTRODUCTION

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 countries’ development priorities.

GGGI in collaboration with the Ministry of Environment and Natural Resources of the Government of the Dominican Republic is rolling out a 36-month technical assistance program to the Government of the Dominican Republic titled “Mobilizing International Climate Finance and Private Investments for Low-Carbon Development in the Dominican Republic”. The program, funded by the Green Climate Fund (GCF) Readiness and Preparatory Support Program, aims to enhance the institutional capacity, strategic frameworks, and project pipeline of the Government of the Dominican Republic to increase the mobilization of national and international climate finance and private investments for the implementation if the nationally determined contribution (NDC) and low carbon development

CONTEXT

In its updated NDC, submitted to the United Nations Framework Convention on Climate Change (UNFCCC), the Government of the Dominican Republic commits to cut emissions by 27% by 2030, compared to business as usual (BAU) scenario.1 The achievement of this target is heavily dependent on external finance from development partners and developed economies. The country´s unconditional greenhouse gas (GHG) emissions reduction target is just 7%, with the remaining 20% reduction being conditional on external financing. The government estimates that the achievement of its NDC mitigation target will require investments in the measure of US$ 8,916,950,000.2

The significant investments and efforts required for the Dominican Republic to adapt to and mitigate climate change risk being hampered by the impact of the COVID-pandemic which deteriorated the country´s economic outlook, leaving little fiscal and policy space to pursue priority climate change adaptation and mitigation initiatives. As a result, the Government of the Dominican Republic under the leadership of the Ministry of Environment and Natural Resources has embarked on an ambitious effort to increase the efficiency of its climate finance ecosystem by diversifying the country´s donor engagement, accessing underutilized climate funds and developing new and innovative finance mechanisms to de-risk mitigation and adaptation projects in an attempt to mobilize finance from the private sector to contribute an estimated 71% of the investments required to meet the country´s unconditional mitigation targets.3

GGGI program aims to support the Government of the Dominican Republic’s climate finance efforts by delivering a set of complementary workstreams:

1. Developing the Dominican Republic´s National Climate Finance Strategy to plan, enable and guide the access and use of domestic and international climate finance as mandated by the country´s NDC.

2. Increasing the Dominican Republic´s institutional capacity to access international climate finance by supporting the accreditation of two candidate Direct Access Entities (DAEs) and the establishment, operationalization and capitalization of a National Financing Vehicle tasked with receiving, holding and distributing climate finance from international sources to national priority projects.

3. Supporting the Dominican Republic´s capital market´s readiness assessment and advancing go-to-market activities for a sovereign green bond issuance and debt for climate swap transactions to raise affordable long-term finance earmarked to climate change adaptation and mitigation projects and programs.

4. Greening the Dominican Republic´s banking sector by providing technical assistance to local financial institutions to integrate environmental and social standards into their processes, procedures, and instruments to increase the availability of green finance for private sector-led low-carbon projects.

5. Increasing the Government of the Dominican Republic’s institutional capacity to integrate environmental, social and climate change considerations into public-private partnership (PPP) processes and projects.

6. Expanding and materializing the country’s ecotourism potential and its contribution to post-COVID economic recovery and nature conservation.

7. Providing strategic guidance to close the growing mismatch between educational services and the job market, with focus on green job creation and green entrepreneurship by developing and implementing the country´s first Green Vocational Education and Training Strategy and program with the goal of creating 436,065 new green jobs by 2026.

PURPOSE

• Lead and oversee the delivery of all climate and sustainable finance activities, including:

                         I.         Development of the Dominican Republic´s National Climate Finance Strategy;

                        II.         Strengthening of the Dominican Republic´s institutional capacity to access international climate finance

                      III.         Accreditation of two candidate Direct Access Entities (DAEs) to the GCF

                      IV.         Establishment and operationalization of a National Financing Vehicle tasked with receiving, holding and distributing climate finance from international sources to national priority projects.

                       V.         Go-to-market activities for a sovereign green bond issuance and debt for climate swap transactions

                      VI.         Technical assistance to local financial institutions to integrate environmental and social standards into their processes, procedures, and instruments to increase the availability of green finance for private sector-led low-carbon projects.

                     VII.         Increasing the Government of the Dominican Republic’s institutional capacity to integrate environmental, social and climate change considerations into public-private partnership (PPP) processes and projects.

• Lead the engagement with the Government of the Dominican Republic and GCF
• Perform program management tasks, including procurement and HR activities  

ENGAGEMENT

• Lead the establishment of and periodic engagement with the program steering committee
• Lead the engagement with government counterparts, negotiation MOUs, advance membership and HCA negotiation
• Lead the engagement with potential donors and partners
• Lead the engagement with candidate direct access entities (DAE), regional and international accredited entities (AEs)
• Participate to GGGI-wide events to create awareness about GGGI Dominican Republic Program and activities
• Engage with financial regulators to influence finance policy development and decision making
• Represent GGGI Dominican Republic Program in national, regional and international events
• Lead the establishment of a working group composed by representatives of the Ministry of Environment, the Ministry of Finance, the National Council on Climate Change, the Superintendency of Banks, international organizations, MDBs, and private sector responsible for overseeing and validating the National Climate Finance Strategy
• Lead all validation efforts with the program steering committee and other key stakeholders
• Lead the conceptualization and formalization of the Dominican Republic Sustainable Banking Roundtable, its strategic goals, composition, and service offering to its members

DELIVERY

• Coordinate the GCF Accreditation process of two candidate direct access entities  
• Lead the development of the National Climate Finance Strategy in collaboration with the Ministry of Environment, the Ministry of Finance, the National Council on Climate Change and the Superintendency of Banks.
• Coordinate the engagement with the Ministry of Environment and Ministry of Finance to advance the Thematic Bond and Debt for Climate Swap workstreams and activities
• Coordinate the development of the Government of the Dominican Republic Thematic Bond Framework, ensuring the alignment between the Bond’s use of proceeds and the country’s NDC and SDG targets
• Coordinate the technical assistance to local financial institutions to integrate environmental and social standards into their processes, procedures, and instruments
• Coordinate the establishment and operationalization of the National Financing Vehicle 
• Lead the NFV capitalization efforts by leverage GGGI network of investors to organize roadshows and meetings to present the NFV to donors, international organizations, MDBs and impact funds
• Lead the identification, prioritization and selection of project ideas for the development of GCF concept notes and funding proposals
• Support the development of GCF concept notes
• Coordinate the organization and delivery of capacity building workshops across all climate and sustainable finance workstreams

REQUIREMENTS 

QUALIFICATIONS

• Bachelor’s degree in Economy, Finance, Public Administration, or other related fields
• An advanced degree in Finance, Public Administration, Economics, Sustainable Development, or other relevant field
• At least 9 years of professional experience in sustainable finance and public finance
• Required prior experience with at least one of the following instruments: thematic bonds, green credit/loans, debt for nature/climate swaps or climate-smart PPPs
• A proven track-record of sourcing, structuring, and closing climate change mitigation and or adaptation investments
• Experience and familiarity with sustainable banking initiatives and standards
• Verbal and written fluency in English and Spanish
• Prior experience working in Caribbean countries including the Dominican Republic is an asset
• Prior experience working with the Ministry of Finance of the Government of the Dominican Republic is a strong asset
• Familiarity with the GCF is a plus

FUNCTIONAL

Entrepreneurial and innovative in spirit and approach, with a comprehensive understanding of the significance of green growth to developing and emerging countries, as well as the financial implications and deep understanding of financial instruments that can fund climate ambitions and initiatives.

• Exceptional analytical skills, alongside strong synthesis skills
• Leadership, teamwork and creative problem-solving abilities
• Able to pick up and assimilate relevant information quickly and easily. Learns new tasks rapidly. Responds swiftly and appropriately. Can think on their feet in rapidly changing environments.
• Seeks opportunities to improve outcomes. Constantly reviews performance to identify areas of improvement.
• Capacity to deliver high-quality deliverables, understanding the counterparts’ needs, limitations and capacities.
• Excellent ability to multi-task and prioritize under stressful circumstances.
• Attention to detail, quality control and strong organizational abilities.
• Excellent written and oral communication skills in English and Spanish are essential for this position.

CORPORATE

• Understand and actively supports GGGI’s mission, vision and values.
• 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.

WORKING CONDITIONS

The Sustainable Finance Senior Officer is an X9 grade level in GGGI's National salary scale, commencing at USD 48,544-63,107 per annum. GGGI provides 13% of base salary towards retirement plan/long-term savings, 27 days of annual leave, flexible work arrangements and contribution towards private health insurance that covers dental and vision. The initial appointment is until 31 October 2025, renewable subject to satisfactory performance and budget availability. GGGI is committed to providing a work environment that is sufficiently flexible to accommodate diverse life-cycle challenges and assist Staff members to achieve a better balance between work commitments and personal and family commitments, including repercussions of post-COVID conditions, thus ensuring high performance, long-term productivity and well-being of Staff members.

Child protection – GGGI is committed to child protection, irrespective of whether any specific area of work involves direct contact with children. GGGI’s Child Protection Policy is written in accordance with the Convention on the Rights of the Child.