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Public Finance Officer

Santo Domingo

  • Organization: GGGI - Global Green Growth Institute
  • Location: Santo Domingo
  • Grade: Mid level - X8
  • Occupational Groups:
    • Operations and Administrations
    • Banking and Finance
    • Public Policy and Administration
  • Closing Date: Closed

Public Finance Officer

Based in Santo Domingo, the Public Finance Officer will deliver technical assistance to the Government of the Dominican Republic to integrate environmental, social and climate change considerations in public finance processes and instruments.

The Public Finance Officer – under the leadership of the Regional Investment Lead and Sustainable Finance Senior Officer – will support the development of innovative sustainable finance instruments, including thematic bonds, climate smart PPPs and debt for climate swaps to mobilize international climate finance, public and private investments for low-carbon development in the Dominican Republic.  

PURPOSE

 

The Officer will act as the team’s public finance expert, enabling and supporting the integration of environmental, social and climate change considerations in public finance plans, processes and instruments. The Officer will contribute his/her knowledge of public finance processes, instruments and policies to support the successful delivery of a broad set of sustainable finance interventions, including:

 

  • Development of the Dominican Republic´s National Climate Finance Strategy;
  • Strengthening of the Dominican Republic´s institutional capacity to access international climate finance;
  • Technical assistant to public and private actors on the design of green bonds;
  • 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;
  • Support the Government of the Dominican Republic to integrate environmental, social and climate change considerations into public-private partnership (PPP) processes and projects;
  • Support GGGI investments projects cycle, including origination, evaluation, structuring, negotiating, and financial advisory until financial close of transactions;
  • Development of concept notes and funding proposals for international climate funds, including the Green Climate Fund, Adaptation Fund and Global Environment Facility;

 

ENGAGEMENT

 

  • Support the engagement with the Government of the Dominican Republic;
  • Build and maintain strong relationships with the Ministry of Finance, local financial institutions, national development banks, international financial institutions and international climate funds;
  • Engage with financial regulators to influence finance policy development and decision making;
  • Organize and deliver consultation and validation workshops to validate products and activities;
  • Participate to GGGI-wide events to create awareness about GGGI Dominican Republic Program and activities;
  • Represent GGGI Dominican Republic Program in national, regional and international events;
  • Support 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;
  • Support the conceptualization and formalization of the Dominican Republic Sustainable Banking Roundtable, its strategic goals, composition, and service offering to its members.

 

DELIVERY

 

  • Support 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;
  • Support the Ministry of Finance in the design and structuring of sustainable public finance instruments;
  • Support the design of innovative climate finance instruments, such as Green Bonds and Debt for Climate Swaps;
  • Support the development of concept notes and funding proposals for the Green Climate Fund, Global Environment Facility and Adaptation Fund;
  • Deliver capacity building to local financial institutions for the development of green credit lines and environmental and social management systems;
  • In collaboration with the Green Investment Officer prepare awareness raising material and presentation on sustainable finance mechanisms and instruments and disseminating these among key government stakeholders via bilateral virtual meetings;

 

REQUIREMENTS
 
QUALIFICATIONS

 

  • Bachelor’s degree in Finance, Economics or other related fields;
  • At least 5 years of professional experience in the public finance sector, preferably at the Ministry of Finance or Central Bank;
  • Professional or academic experience in sustainable finance is an asset;
  • Verbal and written fluency in English and Spanish;

 

FUNCTIONAL

 

  • Leadership, teamwork and creative problem-solving abilities
  • Ability to develop and maintain working relations with financial sector stakeholders
  • Committed to learning about the growing field of sustainable finance
  • Ability to multi-task and prioritize under stressful circumstances.
  • 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 GGGI’s mission, vision and values.
  • Promote an organizational culture of trust, transparency, respect and partnership.
  • 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 Public Finance Officer is a National Position at X8 grade level in GGGI’s national salary scale. The salary range for the position is USD 37,341 - 59,746 per annum depending on qualifications and experience. GGGI provides 15% of base salary towards retirement plan/long-term savings, 27 days of annual leave, and private health insurance that covers dental and vision. 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 and personal/family commitments, thus ensuring high performance, long-term productivity, and well-being of Staff members.

 

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.

 

Values Logo

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.

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