INTRODUCTION TO GGGI

The Global Green Growth Institute (GGGI) is a treaty-based international, inter-governmental organization dedicated to supporting and promoting strong, inclusive and sustainable economic growth in developing countries and emerging economies. To learn more please visit about GGGI web page.

GENERAL INFORMATION

• Project: Greening the Pacific Financial Systems (GPFS) Programme
• Consultancy title: Feasibility Study for the Establishment of a Pacific Regional Climate Bank
• Duty Station: Pacific, Remote
• Contract Duration: 11 February 2025 – 30 April 2025
• Number of Workdays Estimated (internal purpose only): 50 Days
• Consultant Level: Level 5
• Total Fees: USD $30,000

The Greening Pacific Financial Systems (GPFS) Programme, led by the Global Green Growth Institute (GGGI), seeks to enhance the resilience of Pacific financial systems to climate-related risks while promoting inclusive green finance across the region. As part of this initiative, GGGI is engaging a consultant to conduct a study to assess the viability, potential structure, financial sustainability, and operational framework of a Pacific Regional Climate Bank (PRCB).

The Pacific Regional Green Bank (PRGB) is a key initiative under Component 1 of the Regional Programmatic Approach to Climate Action (RPACA), which is focused on supporting Pacific Island Countries (PICs) in accessing climate finance. PRGB aims to establish a dedicated finance facility that addresses the unique challenges faced by PICs, leveraging partnerships with institutions like the Association of Development Financing Institutions in the Pacific (ADFIP). This initiative will pilot innovative financing mechanisms to strengthen climate resilience across the region.

The PRCB is envisioned as a mechanism to mobilize finance in alignment with Pacific countries’ Nationally Determined Contributions (NDCs) and national development plans, ensuring climate resilience and low-emission development priorities are supported through aligned funding mechanisms and programs.

The study will provide detailed recommendations for the establishment of the PRCB, including rationale and institutional structure.

The primary objective of this consultancy is to:

1. Assess the specific climate finance needs of Pacific Island Countries and the potential impact of a dedicated regional climate bank.
2. Determine the financial, institutional, and operational feasibility of establishing a Pacific Regional Climate Bank (PRCB).
3. Review and propose options for suitable institutional models for the PRCB, considering the unique needs and circumstances of the Pacific region.

1. Needs Assessment

Task 1.1: Analyze climate finance needs in the Pacific region, focusing on adaptation, resilience, and low-emission development opportunities. Align these needs with the Nationally Determined Contributions (NDCs) and development plans of Pacific Island Countries, identifying specific sectors or projects that could benefit from PRCB funding.

Task 1.2: Evaluate current funding sources, financing mechanisms, regional and national financing institutions (including DFIs, commercial, multilateral), and gaps in climate finance specific to PICs.

Task 1.3: Conduct interviews, workshops, and consultations with key stakeholders, including governments, regional organizations and initiatives (like Association of Development Financial Institutions in the Pacific and Regional Programmatic Approach to Climate Action but not limited to), financial institutions (public and private, regional and national) donors, and private sector players.

Task 1.4: Based on the above, identify the potential purpose and objectives of the PRCB, based on the need to respond to needs, fill gaps and be responsive to existing institutional frameworks.

2. Institutional Feasibility

Task 2.1: Explore different institutional models for the PRCB, including independent regional entity, partnerships with existing institutions, and blended structures. Present options to relevant stakeholders for feedback on preferred option.

Task 2.2: Present and discuss options with ADFIP / RPACA representatives. Upon selection of a preferred option, propose a governance structure suitable for a regional climate bank, ensuring transparency, accountability, and representation from key stakeholders.

Task 2.3: Based on the preferred option selected, identify and provide preliminary steps forward on legal, regulatory, and policy requirements for the PRCB within the regional context.

3. Recommendations for Establishment

Task 6.1: Provide a step-by-step establishment implementation plan, including key milestones, timelines, and resource requirements.

Task 6.2: Outline a strategy for engaging key stakeholders throughout the establishment and operationalization phases.

4. Information Dissemination and Study Validation

Task 7.1: Facilitate a workshop with ADFIP to gather input from stakeholders and validate findings of the study.

Task 7.2: Integrate feedback received and submit the final Scoping Study to the Association of Development Financial Institutions in the Pacific (ADFIP) and Regional Programmatic Approach to Climate Action (RPACA) Technical Working Group for their endorsement on a way forward.

TIMELINE, DELIVERALBES AND PAYMENT SCHEDULE

The consultant will work under the general guidance of the GGGI Senior Economist and Project Manager based in Fiji, in collaboration with other GGGI staff. They are expected to use their own equipment to complete all deliverables and will be required to travel as part of the assignment, with all travel expenses covered by GGGI.

At the conclusion of the assignment, the consultant will submit a comprehensive Final Report detailing the outcomes of all activities. This report must also include actionable recommendations for future steps to secure long-term sustainable financing. Alongside the Final Report, the consultant will provide annexes containing all relevant technical papers, reports, and other documents prepared during the assignment. These deliverables must be submitted in electronic format compatible with Microsoft Office applications.

All reports and outputs must be in English, with formats, fonts, icons, and photos pre-approved by GGGI. The Final Report will be subject to review and approval by GGGI before the assignment is considered complete. It is important to note that the assignment timeline reflects the dates for submission of final, approved deliverables rather than draft versions.

The Consultant should possess the following qualifications:

• Advanced degree in Finance, Economics, Climate Policy, or related fields.

• At least 10 years of experience with banking sector operations, processes, and governance, as well as previous experience advising on or establishing regional financial institutions.
• Proven expertise in project structuring, funding mechanisms, and engagement with international and national stakeholders in climate finance and familiarity with the unique climate challenges, socio-economic context, and development priorities of Pacific Island Countries.

• Strong facilitation skills and experience in conducting workshops and training sessions.

• Excellent written and verbal communication skills.

Interested candidates are invited to submit the following:

• A cover letter detailing their suitability for the consultancy.
• A detailed proposal including a work plan, methodology, and timeline.
• A budget breakdown and financial proposal.
• CVs of the consultant included.
• Applications should be submitted by 28 January 2025 (11:59 PM KST).
• Applications submitted after the deadline will not be considered. Cover Letter, and CV must be sent in English. A consortium, or a firm may not be engaged for the individual consultant assignment.

Proposals will be evaluated based on the following:

• Relevant Experience: 40%
• Proposed Methodology: 30%
• Budget and Cost-effectiveness: 20%
• Timeline and Work Plan: 10%

Level of Education: Bachelor Degree

Work Hours: 8

Experience in Months: No requirements