India requires a significant increase in funding to achieve the SDGs. According to UNCTAD the total requirement to achieve the 17 SDGs in India is $0.96 trillion. Based on historic spending, this translates to a gap of approximately $0.5 trillion representing around one quarter of India’s GDP.
The broader Energy and Environment portfolio at UNDP India has worked closely to support the Government of India to meet its environmental commitments, better manage natural resources, address climate change and be energy secure. As part of these efforts and other
organisational initiatives underway in the Asia-Pacific region, there is increased focus on climate and public finance as an avenue to mobilise resources for the SDGs.
More effective and equitable climate finance is uniquely well positioned to support the delivery of the SDGs. While the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change were developed, negotiators saw the interlinkages between the two and their opportunity mutually reinforce each other. A global analysis by WRI shows that actions to meet Paris Agreement correspond to all 17 of the SDGs, with the highest correlations around SDG 7 on Sustainable Energy (1213 actions), SDG 15 on Life on Land (965 actions) and SDG 2 on No Hunger (852 actions).
Climate change and the SDGs need to be embedded in the country planning and budgeting systems to ensure that there is a systematic response for the country to address climate change challenges. This will require a whole of the government approach starting from CC integration in federal and state sectoral policies to an effective monitoring and evaluation processes to track investments in climate change.
Within this broader context, the financing gap to realize this vision is significant. Globally estimates of carbon finance flows from all sources average about $436 million according to the Climate Policy Initiative, far short of the Paris Agreement pledge to mobilize $100 billion per year. The share of SDG-aligned private investment and that specifically dedicated to climate action is still relatively small. For example, the market for green bonds still represents less than 1% of the total bond market and only 338 billion USD out of a 5.4 trillion USD market is invested in green corporate bonds. total energy investment in the region is 701 billion USD while only 49 billion USD is private investment in energy mobilized by PPPs. And while funding for climate mitigation has been steadily increasing, climate adaptation is seen by many private actors as a public good. There is thus an imbalance in climate finance flows toward more readily profitable activities associated with reducing GHG emissions, such as renewable energy generation, where clearer market drivers are already in place (according to CPI, only some 5% of aggregate total flows go toward adaptation).
To bridge the gap and overcomes these challenges, innovative financing approaches are required to realize a country’s priority climate actions, harnessing the power of disruptive technologies and business models as well as potential for partnership structures to bring together governments, the private sector, development banks, and civil society.
Objective of role
- UNDP India is now recruiting for a ‘Climate and Public Finance Specialist’ who will drive the activities of:
- Climate Finance Network in India and support actions under the different work streams of CFN
- the Municipal Finance and SDG Bonds vertical of the SDG Finance Facility
- Support the India Country Office with other requests/ tasks and proposals relating to climate and public finance
- Coordinate with the different stakeholders for effective implementation of CFN
Climate Finance Network (CFN):
- The CFLN is a multi-country project led by the UNDP regional hub in Bangkok, it builds on the experience and knowledge of of the Governance of Climate Change programme.UNDP will be working with governments in South and South East
- Asia to develop and roll out methodologies in relation to climate change responsive budgeting including developing Climate Change Financing Frameworks; integrating Climate budget tagging into Public Financial Management Information Systems; developing and supporting implementation of climate and disaster risk public investment screening and budget formulation guidance; and integrating climate change Key Performance Indicators into Medium Term Budgetary Frameworks. In India, the CFN network will prioritise support to 4-5 state governments and to the federal government.
SDG Finance Facility (SFF):
- The SDG Finance Facility is a multi-stakeholder collaborative platform that aims to incubate SDG aligned innovative financial instruments for India. The platform aims to work on an array of instruments including impact bonds, municipal finance, SDG bonds, SDG ETFs/ public equities, alternative pay for success mechanisms. The Climate and Public Finance Specialist in addition to CFLN India activities will also lead work on municipal finance and SDG Bonds for SFF.
- Duties and Responsibilities
- Report to Advisor, Social Impact Investments, UNDP India with matrix reporting to Project Manager Climate Finance Network.
Climate Finance Network
- Developing a work plan and roadmap that achieves the objectives of the CFN in India
- Coordinate and convene stakeholder consultations including at the Federal and State Level
- Support in implementation of the CFN activities
- Technical support and inputs for development of the project document for submission to the donor
- Monitoring and quality assurance of the activities and deliverables under the CFN
SDG Finance Facility
- Liaison and Coordination: Effective liaison between members of the platform – including donor partners, technical partners, government counterparts and other UNDP teams/ UN agencies
- Instrument scoping and structuring for Green, SDG and Municipal Bonds which will involve analysis of market potential and viability as well as outlining appropriate structures in consultation with partners; Carrying out basic due diligence, evaluating regulatory constraints (if any), market opportunities and determining overall financial and social attractiveness; Identifying key risks and mitigation factors and providing in-depth strategic and analytical support
- Mapping and Landscape Assessment: Using current available information to map, analyze and interpret current and future potential for Green, SDG and Municipal bonds – including identifying trends and areas of growth; Develop and implement strategy for outreach accordingly
- Partnerships development: Identify and engage with potential partners for the platform including private sector partners, philanthropic institutions, family held funds, and Government departments.
- Investor relations and catalyzing financing for incubated instruments: Mapping landscape and identifying prospects who could invest in instruments being incubated and preparing investment pitches, concept notes, crystallizing the value proposition (social and financial) and engaging in strategic discussions.
Operations related responsibilities
- Preparing periodic (quarterly/ semi-annual) progress reports for donors/ partners
- Curate and coordinate various meetings, roadshows and workshops conducted by CFLN and SFF
- Ongoing monitoring and coordination
- Supporting UNDP India with development of additional SDG Finance Initiatives
- Supporting requests from country office colleagues for development of proposals and concepts; and possibly execution of climate and public finance related work.
- Demonstrating/safeguarding ethics and integrity;
- Demonstrate corporate knowledge and sound judgment;
- Self-development, initiative-taking;
- Acting as a team player and facilitating team work;
- Facilitating and encouraging open communication in the team, communicating effectively;
- Creating synergies through self-control;
- Managing conflict;
- Learning and sharing knowledge and encourage the learning of others
- Promoting learning and knowledge management/sharing is the responsibility of each staff member;
- Demonstrates integrity by modelling the UN’s values and ethical standards;
- Promotes the vision, mission, and strategic goals of UNDP;
- Displays cultural, gender, religion, race, nationality and age sensitivity and adaptability;
- Treats all people fairly without favoritism.
- Technical skills
- Experience and familiarity with a range of financial instruments
- Expertise with public finance – particularly:
- Knowledge of Green Bonds and Green Bond standards – including process, industry dynamics and success factors
- Municipal Finance and municipal bonds
- Knowledge of the public financial management system in India and the climate change context in PFM reforms
- Strong knowledge of climate change responsive budgeting and development of Climate Change Financing Frameworks
- Ability to integrate climate budget tagging into public finance management information systems
- Developing and integrating KPI(s) into budgetary frameworks
- Updated knowledge on the landscape for green/ climate/ public financial instruments in India and abroad
- Demonstrated ability to plan and implement projects in coordination with multiple stakeholders
- Financial due diligence, structuring and pricing knowledge
- Awareness of potential investors for instruments and partners for the platform(s) – CFN and SFF
- Identifies and communicates relevant information for a variety of audiences for advocating UNDP and partner(s) mandate
- Passionate about and genuinely interested in civic engagement and social innovation
- Strong Powerpoint, Word and Excel skills
- Ability to synthesise concepts and create informative reports
Promoting Organizational Learning and Knowledge Sharing:
- Basic research and analysis
- Generates new ideas and approaches, researches best practices and proposes new, more effective ways of doing things;
- Documents and analyses innovative strategies and new approaches
- Fundamental knowledge of own discipline (finance/ economics)
- Understands and applies fundamental concepts and principles of a professional discipline or technical specialty relating to the position;
- Possesses basic knowledge of organizational policies and procedures relating to the position and applies them consistently in work tasks;
- Establishing effective client relationships
- Researches potential solutions to internal and external needs and reports back in a timely, succinct and appropriate fashion;
- Organizes and prioritizes work schedule to meet needs and deadlines;
- Establishes, builds and sustains effective relationships within the work unit and with internal and external parties
Required Skills and Experience:
Education: Advanced degree in public administration, finance/ public/ climate finance, public policy or related areas
- At least 7 years of directly relevant professional experience in public financial management; financial services or consulting/ advisory (with focus on climate/ public finance)
- Practical experience working with or supporting Government Departments and Ministries (Finance/ Planning/ Local Governments/ ULBs)
- Ability to work on multiple projects and with different teams
- Experience on researching, reporting, writing and editing documents (including drafting status/ progress reports/ minutes etc.).
- Knowledge of financial markets, debt instruments and innovative financial instruments financial instruments – particularly green and municipal bonds highly desirable
- Proven experience in planning and implementation of projects involving multiple stakeholders, in time-bound manner
- Extremely task/ detail oriented
- Able to communicate clear ideas across a variety of mediums (in-person, phone, email, web, etc.)
- Proven ability to work independently as well as in teams
Language: Fluency in English is essential.