The Equitable Growth, Finance, and Institutions Practice Group (EFI) is one of the World Bank Group’s four Practice Groups. EFI’s mandate is “Growth, Finance, and Institutions for all.” Our approach is to leverage public and private sector expertise, together with International Finance Corporation (IFC), to support a data-driven reform agenda. EFI supports clients in advancing evidence-based structural reforms to build the foundations for inclusive and sustainable growth.

EFI is composed of four Global Practices (GPs):

Macroeconomics, Trade, and Investment (MTI)and Finance, Competitiveness, and Innovation (FCI) — consist of country economists and trade, financial and private development specialists that support structural reforms.

Governance GP – consists of public sector, financial management and procurement specialists to support institutional and governance reforms and provide fiduciary support to all Bank operations.

Poverty and Equity GP – consists of micro, labor, and development economists to build the evidence base, provide advice and operational support to ensure country policies and WBG interventions are inclusive.

The FCI GP is comprised of two directorates: The Finance directorate, and the Trade, Investment and Competitiveness (TIC) directorate. The GP aims to support client countries to create 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.

The Finance Directorate provides analytical and advisory support to the international community to enact reforms that lead to deep, inclusive, efficient and resilient financial systems.. The Directorate is comprised of thematic teams focused on (1) Financial Stability and Integrity, (2) Financial Inclusion and Infrastructure, (3) Long term finance and (4) Crisis and disaster risk finance

The Financial Stability & Integrity unit (EFNFS) in the FCI Global Practice works on a range of areas, including financial stability, bank regulation and supervision, bank resolution and crisis management, corporate governance, financial integrity and asset recovery. Within EFNFS, the Stability team assists national authorities to improve the prudential policy, legal, regulatory, supervisory, and institutional framework needed to achieve and sustain financial sector stability, engages with standard setters bringing in the perspectives of EMDEs, and produces analytical work. The (global) stability team provides technical inputs (including as technical project leads) to region-led advisory/analytical operations and lending operations and conducts country-level diagnostics and knowledge work on: regulation and supervision of deposit taking institutions, bank resolution and crisis management, deposit insurance, fintech aspects related to financial stability (including related to financial market integrity). It also manages the financial sector assessment programs (FSAPs), coordinates the World Bank engagement with the Financial Stability Board (FSB) and is the lead technical provider for assessments of compliance with the Basel Core Principles for effective banking supervision (BCPs).

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. Via 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. 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, 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.

The ETC will be responsible for support on the overall agenda and is expected to play a key role in both coordinating and providing country analytics and advisory services. Specific responsibilities will include:

• Support coordination with external and internal partners. Key external partners include the FSB and NGFS, of which the World Bank is an observer. Internally, there is also a need to coordinate with various World Bank Group programmatic approaches, including in the context of IFC’s 30 by 30 Zero Program and the World Bank Group’s Country Climate and Development Reports (CCDR) . The ETC is expected to be able to represent the Bank during relevant events. • 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 and tools (e.g. stress testing) 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

DURATION OF APPOINTMENT

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.

Selection Criteria

• A Master's degree in a relevant area, for example Finance, Economics, Econometrics, Business Administration, Public Policy, Climate Change and Environmental Science • At least 5 years’ work experience or equivalent combination of education and work experience in relevant industries • Strong 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

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

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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Added 2 years ago - Updated 2 years ago - Source: worldbank.org