Sustainable Finance Officer

**INTRODUCTION TO GGGI**:
The Global Green Growth Institute (GGGI) is a treaty-based international, inter-governmental organization dedicated to supporting and promoting strong, inclusive and sustainable economic growth in developing countries and emerging economies. To learn more please visit about GGGI web page.

GGGI has a diverse portfolio of programs in developing countries around the world. These in-country programs, together with global products and services, focus on delivering results through an integrated approach of evidence-based green growth planning and implementation aligned to countries’ development priorities.

GGGI in collaboration with the Ministry of Economy and Finance of the Government of Peru is rolling out a 36-month technical assistance program to the Government of Peru titled “Mobilizing International Climate Finance and Private Investments for Low-Carbon and Climate Resilient Development in Peru”. The program, funded by the Green Climate Fund (GCF) Readiness and Preparatory Support Program, aims to play a pivotal role in the implementation of the country’s Climate Finance Strategy (CFS) and Green Finance Roadmap (GFR) which outline strategic measures and actions to accelerate the flow of international climate finance and private sector investments towards low-carbon, resilient projects and initiatives.

**CONTEXT**:
Peru’s progress in advancing the implementation of its climate policy has been slow, with the country’s greenhouse gas (GHG) emissions, excluding land use, land-use change and forestry (LULUCF), increasing by 90% from about 54 MtCO2eq in 1990 to 109 MtCO2eq in 2021. Simultaneously, Peru’s economy and its population are highly vulnerable to climate change, especially water and food insecurity.

Peru faces significant barriers in addressing climate change, including limited institutional capacity to integrate environmental, social, and climate considerations into financial planning and public debt tools; local financial sector unable to effectively screen and mitigate climate risks; a lack of mechanisms to integrate climate change considerations into PPPs; and constrained institutional ability to tap into international climate funds like the GCF. These challenges affect governmental entities such as MEF, MINAM, SBS, and SMV, as well as local financial institutions and infrastructure planning bodies. As a result, the country's climate action, sustainable development, and infrastructure resilience efforts are hindered, making it more vulnerable to the impacts of climate change.

GGGI program aims to support the Government of Peru’s climate finance efforts by delivering a set of complementary workstreams:

- Workstream 1: Building the institutional capacity of Ministry of Economy and Finance, Ministry of Environment, and the Superintendence of Banking, Insurance and Private Pension Funds Administrators (SBS) to integrate environmental, social and climate change considerations into public debt instruments, financial planning and regulation.
- Workstream 2: Greening Peru’s private banking sector.
- Workstream 3: Developing a strategic framework for low-carbon, climate-resilient public-private partnerships (PPPs).
- Workstream 4: Accelerating access to the Green Climate Fund.

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Based in Lima, Peru, the Sustainable Finance Officer will act as the Sustainable Finance focal point of the GCF Readiness project, originating and structuring sustainable finance instruments and mechanisms to integrate environmental, social and climate change considerations in Peru’s financial sector to accelerate the mobilization of international climate finance and private investments.

S/he will work within the premises of the Ministry of Economy and Finance, Directorate of International Economics, Competition and Productivity Affairs, in which relies also the National Designated Authority, and report to GGGI Public Finance Senior Officer.

**PURPOSE**:

- Accelerate the integration of E&S and climate change standards in Peru’s public finance sector through capacity building and technical assistance to the Ministry of Economy and Finance, Ministry of Environment and national development banks among others identified as relevant;
- Assist the integration of gender and climate change considerations into Peru’s public budget through the development of a Climate and Gender Budget Tagging methodology;
- Promote sustainable banking practices through policy recommendations and capacity building;
- Advise public and private financial sector actors on the design and structuring of innovative sustainable finance instruments, including thematic bonds, green credit programs and debt for nature swaps, among other instruments identified as relevant in the project;
- Deliver on-demand technical assistance to the Ministry of Finance on sustainable finance matters, in coordination with the General Directorate of International Economics, Competition and Productivity Affairs, in which relies also the National Desig