Climate Finance Specialist

Climate Finance Specialist

Job #:

req26678

Organization:

World Bank

Sector:

Climate Change

Grade:

GF

Term Duration:

3 years 0 months

Recruitment Type:

International Recruitment

Location:

Washington, DC,United States

Required Language(s):

English

Preferred Language(s):

Closing Date:

3/29/2024 (MM/DD/YYYY) at 11:59pm UTC

Description

Do you want to build a career that is truly worthwhile? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity and promoting sustainable development. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information, visit www.worldbank.org.

The Sustainable Development Practice Group & the Climate Change Group

Climate change, poverty, and inequality are the defining issues of our age. The World Bank is the biggest multilateral funder of climate investments in developing countries. Over $32 billion in 2022 alone - accounting for over half of multilateral climate finance to developing countries-and over two-thirds of adaptation finance. We intend to go further in helping countries reduce poverty and rise to the challenges of climate change with our revamped mission to create a world free from poverty on a livable planet.

The Sustainable Development (SD) Practice Group (PG) helps countries tackle their most complex challenges in the areas of Agriculture and Food, Climate Change, Environment, Natural Resources & Blue Economy, Environmental and Social Framework, Urban, Disaster Risk Management, Resilience & Land, Social Sustainability and Inclusion, and Water. The Climate Change Group (CCG) resides in the SD PG and is responsible for mainstreaming climate change across the Bank and scaling climate finance.

The Climate Change Group (CCG) has as key function to (i) propose the strategy to mainstream climate change across the WBG; (ii) support the implementation of the Bank's corporate climate commitments as expressed in the Climate Change Action Plan 2021-2025 (CCAP), IDA20, and the IBRD-IFC Capital Package; (iii) support in operationalizing key recommendations of Country Climate and Development Reports (CCDRs) into country engagement products and lending and non-lending operations; (iv) develop new research and tools to support mainstreaming low-carbon growth and climate resilient development; (v) manage several Climate Funds (housed in SCCFM), serve as host to the Secretariat of the Climate Investment Funds (housed in SCCCI); and (vi) mainstream knowledge, learning and innovation inside and outside the WBG, and lead high-level internal and external engagements.

The Strategy, Knowledge, and Outreach Unit

Within the Climate Change Group, the Strategy, Knowledge, and Outreach Unit (SCCSK) plays a key role in helping CCG both set and deliver the Bank's corporate climate mandate. The unit works closely with the CCG Leadership on: (i) developing long-term strategic engagement and CCG management; (ii) undertaking climate corporate reporting, especially around policy commitments, climate targets, and impact under the WBG CCAP 2021-25, IDA20, and the IBRD-IFC Global Capital Increase; (iii) overseeing the design and delivery of a CCG learning hub for Bank staff and management, supporting training and learning products; and (iv) managing the Climate Support Facility (CSF) Umbrella Program, a multi-donor partnership and grant-making financing mechanism to help integrate climate change considerations into development strategies, policies, and investment programs, including World Bank financed operations.

The SCCSK provides shared services to the other units in CCG; the unit most relevant for this position is the Climate Finance Mobilization Unit (SCCFM). A "one stop shop" for Results-Based Climate Finance (RBCF), the SCCFM mobilizes climate finance through trust funds that deliver innovative, scalable climate and environmental action.

The core SCCFM trust fund work is organized across several teams: • Forest and Land Use Funds (FCPF, BioCF) • Results-based Climate Funds (TCAF, CPF, Ci-Dev) • SCCFM hosts the World Bank's implementing agency (IA) for the Green Climate Fund (GCF) and the CIF's Pilot Program for Climate Resilience (PPCR).

The SCCFM is a large unit in the World Bank, with approximately $4bn in assets under management. There are about 40 staff led by a Practice Manager, and each of the trust funds is led by a Fund Manager. The IAs and AMU/FT are led by Coordinators. The SCCFM also manages the development and implementation of the new Umbrella Trust Fund for RBCF, Scaling Climate Actions by Lowering Emissions (SCALE).

The SCCFM oversees the implementation of these trust fund programs by the World Bank. It is also responsible for financial and trust fund reporting; donor relations; mobilization of other sources of finance and manages the trust fund management system for the Climate Group of the World Bank. Financial management of all SCCFM funds is conducted by the Finance Team, which is housed in SCCSK.

The Financial Specialist/Program Officer will perform the assigned core duties on financial management of SCCFM Trust Fund programs. The position requires good knowledge of and practical experience with WB trust funds, financials, technical, analytical, IT systems, and writing and communications skills, as well as a good knowledge of Bank operational, fiduciary, and administrative processes - especially managing financial performance and financial risks under trust funds.

The Financial Specialist/ Program Officer will report to the SCCSK Practice Manager with a reporting line to the SCCFM Practice Manager. The selected incumbent must have analytical skills to understand the impacts and risks of the business as well as demonstrate solid skills in task planning, prioritization to successfully handle the assigned tasks, with attention to detail and results driven orientation.

To deliver on these functions, SCCSK is seeking a highly motivated Finance Specialist to support the finance and trust fund management across CCG units as part of a centralized "shared service" function, providing standardized services, strategic guidance, quality assurance, and oversight to this core business function.

Duties & Accountabilities

The Financial Specialist will have a diverse work program and be expected to work independently under the general direction of the SCCSK Practice Manager with a reporting line to the SCCFM Practice Manager. The Financial Specialist will be a key member of the Finance Team and will provide trust fund financial management services to the assigned TF Program/s, as well as perform designated core services for assigned SCCFM funds. Duties will include but not limited to the following:

• Support efforts towards setting up of the SCALE Umbrella Trustee, including liaising with relevant Bank units. Support development and implementation of the TF hierarchy, and financial monitoring and reporting systems for SCALE and associated funds. • Provide financial management services to specific SCCFM funds/programs, including the day-to-day financial supervision of TF portfolios for existing climate finance funds, such as FCPF, BioCF/ISFL, SCALE, and EnABLE. This involves generating standardized and custom financial reports, managing financial and operational metrics, and providing transactional support. • Prepare financial data and conduct in-depth for the financial portion of SCCFM TF annual and interim performance reports for donors and participants. • Offer guidance on TF financial management and performance, ensuring adherence to Bank and VPU policies and guidelines. Act as a liaison with key corporate units to support financial and operational management initiatives. • Coordinate financial planning efforts for program costs, including work planning and budgeting, fund transfers, and long-term planning. Support development and advise on guidelines, procedures, and best practices for fund allocations. • Review financial management workflows and propose solutions to improve process efficiencies in the assigned program teams. • Assist the SCCFM Practice Manager in consolidating financial data and analyzing the financial performance of SCCFM trust funds. Provide financial insights for unit and institutional planning.• Support the SCCSK Practice Manager and key senior staff in various CCG financial management and compliance tasks, including the annual update processes for SEFF and FIN, ensuring the strategic alignment and operational efficiency of financial management, fundraising and resource allocation activities within CCG. • Maintain effective communication with internal and external stakeholders, including staff, consultants, and vendors to promptly address financial management and performance issues for assigned CCG trust funds and Umbrella programs. • Undertake other duties as assigned by the SCCSK and SCCFM Practice Managers to support strategic and operational objectives of these units.

Selection Criteria

• MA/MSc in a relevant discipline (finance, business administration, economics is essential) plus at least 5 years of relevant professional experience. • Including minimum of 3 years of hands-on trust fund financial management experience in Carbon Finance trust funds; extensive experience with WB financial management systems and general trust fund management. • Knowledge of WB operations and particularly Carbon Finance operations and application of relevant WB policies and practices as they relate to financial management of carbon funds. • Working knowledge of and proven experience with FCPF, ISFL/BioCF, EnABLE programs and their financial management specifics and challenges and understanding of new SCALE umbrella's principles, financial set up requirements and challenges, and financial implementation plans is a plus. • Good understanding and experience with the financial side of Emission Reduction Payment Agreements' terms and conditions and the management of emission reductions transactions in general, and in relation to trust funds financial planning and performance in particular. • Solid ability to identify financial risks, report to appropriate parties, and propose strategies on risk management and risk mitigation measures. • Experience of preparing guidelines and procedures to ensure corporate guidelines are adhered to, ability to evaluate and ensure the consistency of trust fund policies and procedures. • Working understanding of operational and/or financial accounting concepts and experience with reporting standards. • Ability to analyze business processes and systems, recommend improvements, and assist with implementation. • Excellent judgement and ability to work with considerable autonomy under pressure to deliver high quality results in a timely manner. • Collaborates across boundaries, gives own perspective, and willingly receives diverse perspectives.

Technical Competencies

Solid organizational skills, attention to detail, and ability to manage multiple tasks at the same time under tight deadlines. • Excellent working knowledge and understanding of the WBG organization and its range of instruments, especially of the Trust Funds (e.g., ERPAs, IBRD loans, IDA credits and grants). • Proven experience and in-depth knowledge of carbon finance trust funds; familiarity with the specificities of climate funds' performance, management, and reporting. • Understanding of the Emission Reduction Payment Agreements, including knowledge of EMS system and reporting requirements. • Having TF Accreditation is essential. • High level of proficiency with World Bank data management and reporting systems, including SAP, the Operations Portal, MyTF, Standard Reports, BI reports, EMS. • High proficiency in the use of advanced functions of MS Excel - experience with power pivots, power queries is critical. • Solid knowledge of TF accounting and TF internal controls. • Ability to deal sensitively in multi-cultural environments and build effective working relations with clients and colleagues. • Effective verbal and written communications skills in English. • Ability to function effectively in multi-disciplinary teams within a matrix environment. Lead and Innovate - Develop innovative solutions.• Lead and Innovate - Develop innovative solutions.• Deliver Results for Clients - Proactively addresses clients' stated and unstated needs.• Collaborate Within Teams and Across Boundaries - Collaborates across boundaries, gives own perspective, and willingly receives diverse perspectives.• Create, Apply and Share Knowledge - Applies knowledge across WBG to strengthen solutions for internal and/or external clients.• Make Smart Decisions - Interprets a wide range of information and pushes to move forward.

World Bank Group Core Competencies

Climate Change 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.

This internal requisition is open to WBG andIMF staff only (including short-term and extended term consultants/temporaries). External candidates are requested not to apply. In case anexternal candidate applies, their application will not be considered.

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.

Learn more about working at the World Bank and IFC, including our values and inspiring stories.