Short Term Consultant - Sustainable Finance Initiative

  • ISSUE DATE AND TIME: Oct 20,2023 14:56
  • CLOSING DATE AND TIME: Nov 14,2023 00:59

The Sustainable Finance Initiative (SFI); formerly the Climate Risk Forum; was established in June 2020 to support implementation of National Treasury’s draft Technical Paper on Financing a Sustainable Economy; published for consultation in May 2020 and finalized in October 2021. The Technical Paper was informed by a Working Group of financial sector regulatory agencies and industry associations established by National Treasury in 2017. This Working Group became the Steering Committee of the Climate Risk Forum; with a focus on implementing the recommendations of the Technical Paper; namely to*         Develop a Green Finance Taxonomy and governance framework*         Co-develop technical guidance; standards and norms for all financial institutions including: E&S risk management; the use of science based methodologies /target setting; etc. and disclosures as per the Task Force on Climate-related Financial Disclosures (TCFD)*         Develop a benchmark climate risk scenario for use in stress tests by the sector*         Build sector capacity and competency for good climate risk governance; management and disclosure across the sector and the implementing arms of government.As of August 2023; the various work programmes under the Climate Risk Forum have completed their initial phases of work. In the 2023 Budget Speech the Ministry of Finance reported that National Treasury is working to improve the resilience of the financial system through the Climate Risk Forum and the Intergovernmental Sustainable Finance Working Group; composed of private-sector and government representatives respectively; and that the Climate Risk Forum will be reconstituted as the Sustainable Finance Initiative to reflect its coverage of broader environmental; transition and social risks. Key focus areas will include climate-related disclosures; scenario development and analysis; data requirements; market development and further work on the country’s green finance taxonomy – a classification governing which assets; projects and sectors may be defined as “green”.IFC and BASA therefore seek to hire a consultant to support the SFI in its next phase of work. IFC and BASA will also host a two-day event in Q1 2024 on sustainable finance to facilitate national dialogue on the latest developments; challenges; and opportunities for the financial sector in climate and transition finance; climate disclosure; climate risk assessment; and carbon markets. The event will explore emerging themes and opportunities in sustainable finance more broadly. The Consultant will provide project management and content support for the event

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