Based in Seoul, 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 private sector to help build economies that grow strongly and are more efficient and sustainable in the use of natural resources, less carbon intensive, and more resilient to climate change.
GGGI partnered with Dominica´s Ministry of Economic Affairs, Planning, Resilience, Sustainable Development, Telecommunications and Broadcasting to deliver a framework for the establishment, operationalization, and capitalization of a National Financing Vehicle (NFV) (thereinafter referred to as “the project”). The NFV mission is to increase private sector investments in renewable energy and energy efficiency (RE and EE) technology by adjusting the risk/return profile of investment opportunities by offering concessional finance to priority climate change adaptation and mitigation projects. The objectives of the NFV are to:
-
- Increase the use of viable RE and EE technologies in Dominica, in order to decrease energy costs of the population
- Strengthen the country’s energy security by reducing its dependency on imported fossil fuels
- Reduce Dominica´s GHG emissions
- Improve Dominica´s climate resilience by financing distributed energy generation projects
- Enable Dominica’s transition to Low Carbon pathway as articulated in the Low Carbon Climate Resilience Development Strategy
- Facilitate investments aligned with Dominica’s Blue Economy Masterplan
- Increase Dominica´s capacity to originate, design, structure and bring to finance sustainable RE, EE, geothermal industrial park (GEIP) and transport projects.
Once operational, the NFV is expected to alleviate the financial barriers hindering the development of RE/EE, blue economy and low carbon projects in Dominica by:
-
- Building the capacity and capability to originate, design, structure and bring to finance sustainable projects.
- Providing concessional financing to sustainable projects and initiatives, including:
- Loans, grants and contingent grants for sustainable projects and initiatives.
- Loan guarantees for RE, EE, low carbon and Blue Economy investment projects.
- Risk-sharing support via subordinated / mezzanine debt and junior equity.
- Technical assistance structuring contracts with low carbon, Blue Economy and climate service companies.
- Grants and contingent grants for feasibility studies and sustainable projects and initiatives
The project entails the delivery of 4 interrelated outputs:
-
- Output 1: Framework for the establishment, operationalization and capitalization of a National Financing Vehicle supporting RE, EE, industrial, blue economy and transport projects developed and submitted to the Government of Dominica.
- Output 2: Capacity building material developed and delivered to the NFV´s primary stakeholders to ensure effective management of the fund.
- Output 3: The NFV is presented and marketed to potential investors and providers of finance.
- Output 4: Quality concept note for the capitalization of the NFV developed and submitted to the GCF and other providers of climate finance.
GGGI is seeking to add two experienced consultants with extensive experience in funds design and operationalization to his team. The project team is as follows:
|
Position |
Outputs |
|
GGGI, Head of Green Investment Services Unit |
1,3 |
|
GGGI, Caribbean Country Representative |
Project management |
|
GGGI, Senior Investment Officer |
1,2,3,4 |
|
Senior Fund Design Specialist |
1,2,4 |
|
Fund Design Consultant |
1,2,4 |
Funding for the implementation of the project is provided by the Green Climate Fund[1] through the Readiness and Preparatory Support Programme. Interested parties can access more information about the project on Dominica’s GCF webpage (available at: https://www.greenclimate.fund/countries/dominica)
Objectives/Purpose of the Assignment:
The consultant will be embedded within Dominica’s Ministry of Economic Affairs, Planning, Resilience, Sustainable Development, Telecommunications and Broadcasting and work closely with GGGI Caribbean Representative, GGGI Senior Investment Officer and the Fund Design Consultant to deliver the framework for the establishment, operationalization and capitalization of the National Financing Vehicle.
Scope of Work:
Based in Roseau, the consultant will lead the project´s operational and knowledge building activities leading to the establishment of the National Financing Vehicle. The consultant will lead the day-to-day activities required for the successful completion of the project and maintain the engagement with relevant stakeholders on the progress of the workstreams assigned to him/her.
The consultant is expected to complete the following activities, and any other activities that may be assigned during the contract period:
-
- Lead the development and formalization of the NFV’s capitalization strategy based on Dominica’s NDC targets and inputs from the Ministry of Finance and other key country stakeholders
- Lead the engagement with key project stakeholders to define the NFV’s goals and objectives, optimal governance system, and fund design structure
- Lead the identification of potential national host institutions / fund managers and assess their ability to manage the NFV
- Lead the development of the NFV’s Operational Manual
- Lead the socialization of the NFV’s Operational Manual with representative from the National Climate Change Committee and Inter-institutional Climate Change Committee
- Lead the formalization of the NFV´s implementation arrangements, including the definition and development of the NFV’s financial instruments, flow of funds and implementation partners/intermediaries
- Lead the engagement with project beneficiaries and partners
- Lead the development of a monitoring, reporting and verification excel-based tool to track the NFV´s budget and investments, collect lessons learned and improve operations
- Support the development of capacity building and awareness raising material to ensure the effective management of the NFV
- Support the organization and delivery of workshops and focus group discussions
- Support the delivery of capacity building and on-the-job training
- Support the development of a concept note for the capitalization of the NFV (GCF template is available here)
- Lead the mapping, engagement and negotiation with possible providers of finance interested in contributing to the fund’s capitalization, and development of investor roadshow materials
- Ensure project outputs and deliverables are validated with key project stakeholders and beneficiaries
- Conduct stakeholder consultations with key government entities, and national and international financing institutions
- Conduct other tasks as required for the successful completion of the project
The consultant will collaborate internally with other consultants and staff members assigned to this project.
Output/Reporting Requirements/Deliverables:
The Consultant shall report regularly to the Project Lead and provide written monthly status reports. The Consultant must work as part of a team with GGGI, the government of Dominica, and other partners at all times. Microsoft PowerPoint and Word products must be delivered using GGGI templates provided.
The consultant is expected to lead the completion of the following deliverables and other outputs that may be assigned during the contract:
-
- Detailed workplan developed and presented to key project stakeholders
- Project stakeholders mapping completed
- Bilateral meetings with project stakeholders conducted
- NFV Strategic Goals and Objectives document completed
- NFV Capitalization Strategy developed and endorsed by key project stakeholders
- Comprehensive report of past and ongoing support programmes complementary to the NFV work delivered
- NFV governance system and fund design options presented to key project stakeholders
- NFV governance system and optimal fund design defined
- NFV operational manual developed and validated
- NFV implementation arrangements and relative documents developed
- MRV framework and excel-based tool developed
- Report on climate finance capacity gaps developed
- Investor roadshow material developed and MOUs with potential investors signed
- Capacity building material for effective NFV management developed and continuously updated until end of assignment based on NFV governance system, fund design and implementation arrangements
- At least 3 capacity building workshops on NFV management and operationalization delivered, and associated workshop reports including presentation material, participants list (disaggregated by gender), summary of participants’ feedback, agreed next steps, and results of pre- and post-training surveys
- At least 1 MRV capacity building workshop delivered
- Presentation material, participants lists, feedback, and next steps resulting from focus group discussions
- GCF Concept Note developed and submitted to the GCF
- GGGI monthly reports completed and submitted by the end of each month
- GCF reports completed and submitted on a quarterly basis
Qualifications/Experience/Expertise
-
- Master´s degree or equivalent professional qualification in Business, Finance, Economics, Law, or other relevant field
- Minimum 10, preferably 15 years of progressively responsible experience in international climate finance at an international organization, financial institution, multilateral development bank, public finance institutions or top tier consulting firm
- Minimum 10 years of relevant experience related the development and/or management of investment vehicles and funds
- Knowledge of the Caribbean climate finance landscape and network is a plus
- Strong analytical skills, ability to think strategically, analyze and synthesize diverse information
- Ability to work with a range of stakeholders, including banks, non-bank financial institutions, capital market authorities, government officials, project developers and investors
- Ability to communicate ideas clearly and confidently
- Good team player who can work as a member of a multi-disciplinary and multi-cultural team, motive and lead efforts
- Ability to pursue fundraising opportunities with donors, reporting and maintain periodic dialogue with donors and investors
- Experience in developing countries, emerging economies is an advantage
- Prior experience working on climate finance related tasks in Dominica is a strong asset
- Familiarity with the GCF is a plus
Additional Information
-
- Date to close is Korean Standard Time (KST). Applications submitted after the deadline will not be considered.
- Contract duration: 01 June 2021 – 01 September 2022 (Daily rate)
- Days Estimate: 200 days
- Contract value: Up to USD $ 105,000
