Papua New Guinea: Sustainable Finance Expert

[Context]

• In Year 1 of PNG Low Emission Climate Resilient Development (LECRD) program (2021-22), the main output was an Inclusive Green Finance Policy (IGFP) for PNG’s banking sector, to be endorsed by the central bank and local financial institutions.[1] The IGFP is comprised of three parts:

• In Year 2 (2022-23), PNG’s central bank (BPNG) and Centre for Excellence in Financial Inclusion (CEFI) – with support from GGGI and NZ-MFAT – aim to establish a Green Finance Centre (GFC). The GFC will serve as the primary entity responsible for implementing the IGFP and all future initiatives related to green finance in PNG. Specifically, it will perform the following activities:
  • Revise and update the taxonomy
  • Serve as a forum for public-private dialogue on green finance
  • Lead the implementation and coordination of green finance initiatives
• In addition to the establishment of the GFC, GGGI will facilitate the application of the taxonomy by supporting 1-2 local financial institutions (FIs). Local FIs are expected to encounter difficulties such as:
  • Unspecified use of loan proceeds,
  • Inadequate or lack of data, especially for SME clients,
  • Operational challenges caused by a mismatch between classification systems (i.e., taxonomies are compiled based on economic activities whereas banks categorize their clients based on industry classification schemes such as NACE), and
  • IT infrastructure of FIs that are ill-equipped to generate and process taxonomy-related workflows.

Under the overall guidance of the project Steering Committee, the consultant shall work with GGGI and CEFI to support 1-2 local FIs in the application of the taxonomy. Specifically, the consultant shall:

1. Help identify eligible FIs and assess their needs/gaps,
2. (Based on the needs assessment) Provide technical assistance in applying the taxonomy, including recommendations to the board of concerned FIs if necessary,
3. Support the origination, design, and roll-out of a green and/or inclusive loan product aligned with the taxonomy,
4. Prepare a training handbook for other FIs, and
5. Participate in meetings, interviews, workshops, and conferences organized by the Steering Committee, Technical Working Group, or the Green Finance Centre on the green taxonomy and its application in Papua New Guinea.

Note. The consultant shall visit Papua New Guinea at least once, each trip lasting for no less than 5 business days. All cost and other expenses incurred with respect to these mission trips are to be borne by the consultant.

• The Consultant shall submit the Final Report which should reflect the outcome of all activities prepared by the consultant. The report should also give recommendations for further activities to be carried out in order to secure a long term sustainable development of the measure.
• All relevant technical papers, reports, and other documents prepared from the start to the end of the assignment shall be attached to the Final Report.
• The Consultant shall submit the report in both hard copies and electronic versions readable by a Microsoft Office application.
• All outputs must be in English. In addition, the Consultant may be required to submit the outputs in other languages. 
• Final report must be approved by the GGGI with the agreement of the BPNG. The Consultant shall consider the comments and necessary revisions proposed. Within 14 days from the receipt of the comments or modification proposal from the GGGI, the Consultant shall prepare and submit the final versions of the report. 

• MBA in Banking/Finance or its equivalent.
• Minimum 15 years of experience working in developing countries in the following areas: climate finance, renewable energy/energy efficiency finance, MSMEs’ access to finance (especially in the agricultural sector), and/or capacity building for commercial banks and microfinance institutions.
• Recent involvement in green/sustainable taxonomy or bond projects is an advantage.
• Familiarity with PNG’s financial sector strongly preferred.
• Fluent in spoken and written English.

• Selection process will follow GGGI’s rules and regulations.
• Applications will be reviewed on a rolling basis. Candidates are therefore encouraged to apply as soon as possible.

Date to close is Korean Standard Time (KST). Applications submitted after the deadline will not be considered Application. Cover Letter, and CV must be sent in English. A consortium, or a firm may not be engaged for the individual consultant assignment.

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.