Job description
ET Consultant
Description
THE ROLE OF THE GLOBAL PRACTICE FOR FINANCE, COMPETITIVENESS AND INNOVATION (FCI) IN THE WBG:
Finance, Competitiveness and Innovation (FCI) works toward creating an enabling environment in which financial stability, efficiency and firm-level solutions are provided in an integrated way to crowd in the private sector, support the creation of markets, and accelerate equitable growth. FCI professionals lead or participate in a wide variety of analytical and advisory work that add to the core expertise delivered to client countries. Knowledge and learning are a central part of the FCI agenda, with work focused on the following thematic areas: (a) Financial Stability and Integrity; (b) Long Term Finance; (c) Financial Inclusion and Infrastructure; (c) Crisis & Disaster Risk Finance (d) Investment Climate; (e) Firms, Entrepreneurship and Innovation; (f) Markets and technology; and (e) Trade and regional integration. FCI works closely with the Global Practice for Macroeconomics, Trade and Investment (MTI) on systematic country diagnostics, country strategies, policy lending and other private sector diagnostics, analytical and lending activities.
Advisory on Greening the Financial System:
The World Bank assists developing countries in their efforts to align financial sectors with climate and environmental considerations, often in collaboration with partners. Financial institutions are increasingly affected by the consequences of climate change and related environmental risks. On the one hand, opportunities arise from the large investments needed to finance the transition to a low carbon and climate resilient economy. On the other hand, the commitments under the Paris agreement lead to significant economic adjustment costs, which spillover into financial risks. Failing to keep temperatures well below 2 degrees will have even greater effects on the economy and the financial system.
At the same time, governments and regulators are increasingly strengthening the role of the financial sector to manage climate-related risks and mobilize capital for green development. The Network for Greening the Financial System (NGFS) have launched a call for action and recognize the risks that climate change poses to the financial sector. The FSB Task Force on Climate-Related Financial Disclosures has set out recommendations for financial institutions to conduct environmental risk analysis and to improve climate-related information disclosures and the BIS has issued the Principles for effective management and supervision of climate-related financial risks. Several authorities have also launched policy action plans which envision alignment of financial systems with climate and sustainability goals.
Though a ‘transition of thinking and action’ has taken off, there is also a need to further strengthen capacity of financial systems to address and incorporate climate and environmental considerations. Within the financial sector, there is evolving understanding of climate financing opportunities and, particularly, climate-related financial risks. However, the level of understanding and awareness differs strongly between jurisdictions. Moreover, clear policy and regulatory signals to increase sector awareness and action are either absent or just emerging.
Within the Financial Stability & Integrity unit, the Greening Financial Systems business-line supports countries in strengthening stability and soundness of financial sectors against climate and related environmental financial risks, while at the same time improving the ability of financial sectors to mobilize capital for climate and environmental objectives. The team provides technical support and training to client countries on integrating climate and environmental risks into financial sector regulation and oversight. The team also provides diagnostics on climate and environmental risks and opportunities, culminating in a set of recommendations on how to manage risks and foster green finance. This is done as part of the Financial Sector Assessment Program (FSAP), as well as on a stand-alone basis. Technical assistance and diagnostics are supported by research, including the design of broadly applicable technical tools (e.g., sensitivity analysis and climate stress testing), and global engagement with international networks, such as the Network for Greening the Financial System (NGFS), the Sustainable Banking Network (SBN), the FSB, and standard setters. The work has synergies, and closely collaborates with other WB and IFC programs on long-term/sustainable finance and disaster risk management.
Roles & Responsibility:
The World Bank seeks to recruit an Extended Term Consultant (ETC) to support the work on Greening the Financial Sector.
- Responsible for country specific end products that will help client countries in integrating climate and other sustainability risks into supervisory practices. Jointly with the Task Team Leader (TTL) the ETC will be responsible for managing relationships with client countries. Independently, the ETC is expected to be able to produce - and support the client with - high quality end products, such as risk assessments, stress tests and supervisory methodologies and frameworks.
- Supporting climate diagnostics and assessments as part of the FSAP program. Work will include mission support, where the ETC is expected to be able to assess risks stemming from environmental sources and provide guidance to financial sector regulators and supervisors on how to manage these risks, while also being able to provide guidance to authorities on the development and deepening of green finance.
- Supporting the design of analytical frameworks for measuring and assessing climate and environmental risks for soundness and stability of financial sectors. This could include to support refinement of climate risk and green finance country diagnostics, including work on climate stress testing and more qualitative assessment methodologies of supervisory and green finance frameworks.
- Prepare and review reports on greening financial systems.
- Provide support to senior management on policy briefings related to greening financial sector work
Selection Criteria
- A Master's degree in a relevant area, for example Finance, Economics, Econometrics, Business Administration, Public Policy, Climate Change and Environmental Science
- More than 5 years’ work experience or equivalent combination of education and work experience in relevant industries
- Quantitative skills, with the ability to transform raw data in meaningful insights and figures
- Deep familiarity with concepts related to green and sustainable finance, climate-related financial risks, financial stability, systemic risk and financial sector regulatory frameworks
- Demonstrated record of analytical and research work. Publications in relevant fields are a plus.
- Demonstration of interpersonal skills and experience in working effectively in large and multi-disciplinary teams of specialists
- Strong project management skills, with capacity to work simultaneously on a variety of issues and tasks, independently adjusting to priorities
- Excellent communication skills, specifically in writing and editing briefs, reports and preparing PowerPoint presentations
- Excellent written and oral communication skills in English, as well as demonstrated ability to advocate positions and defend orally and in writing difficult issues and positions to government officials, WB management and others.
- Familiarity with World Bank operations is desirable
- Experience in assessing and stress testing climate risks for the financial sector is desirable.
World Bank Group Core Competencies
We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
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Note: The selected candidate will be offered a one-year appointment, renewable for an additional one year, at the discretion of the World Bank Group, and subject to a lifetime maximum ET Appointment of two years. If an ET appointment ends before a full year, it is considered as a full year toward the lifetime maximum. Former and current ET staff who have completed all or any portion of their second-year ET appointment are not eligible for future ET appointments.
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