Green finance refers to financial services provided for economic activities that are supportive of environment improvement, climate change mitigation and adaptation, climate resilience and more efficient resource utilization. These economic activities include the financing, operation and risk management for projects in the following areas but not limited to such as environmental protection, energy savings, clean energy, green transportation, and green buildings. The objective of this assignment is the following: to carry out scoping study and mapping of existing and potential "green finance" practices (within 17 commercial banks and 5 non-banking financial institutions) in design and delivery of green finance products.
Scope of work:
Most of the banks currently functioning in Armenia have expressed their interest to promote green finance in one way or another. So at this stage it is expedient to consider the entire banking sector (17 licensed commercial banks) as potentially interested. Some of the banks of Armenia have substantial portfolios of "green finance" loans, thus possessing critical knowledge about regulatory constraints, information and methodological shortages and, more importantly, potential market for such financial instruments. Among the types of non-bank institutions, the Universal Credit Organizations - constituting the biggest share of the non-banking institutions - will be the primary target for engaging in green finance. However, here a strict and objectively selection will be needed, as given their small size (both relatively to the banks and in absolute terms), only those of them will be engaged, which would express both institutional interest and commitment (possibly- even practical experience).
Specifically, the Consultant will:
- Approve the list of stakeholders with the Client;
- Review portfolio of stakeholders to identify "green finance" instruments;
- Design comprehensive matrix of available "green finance instruments" (including size, criteria, targeted sectors, etc);
- Interview key personnel of the banks to identify regulatory constraints, information and methodological shortages and, more importantly, potential market for such financial instruments;
- Analyse the information collected from portfolio review and interviews;
- Draft Narrative Report, including interim set of recommendations on addressing regulatory constraints, information and methodological shortages, and promoting green financial instruments in local market.
This results of the study will be collated with and contribute to the overall Scoping study assessing current status with and existing instruments of "green finance" in Armenia and addressing existing gaps. The Consultant shall closely work with International Expert who will be providing methodological guidelines and peer-review of final deliverable. The Consultant shall also be available to provide presentations of their work in the relevant seminars within the Project, including the period of at least six months after the completion of their assignment under these terms of reference.
I. Experience of the Consultant - 70%
- At least 10 years of work experience in the project management, design and evaluations, development and/or application of performance indicators, targets, and methodological guidelines, research, policy and procedure development, including in domain of "green finance" and/or "green economy";
- Experience in PPP and liaison with private sector and Government agencies;
- Institutional track record on successful delivery of high-level expert advice to banks, governments and/ or international organizations in the relevant fields;
- Experience of working with climate funds is considered as strong advantage.
II. Financial Proposal - 30%
Submission Packages comprised from CV should be submitted to: email@example.com
by the deadline. Financial Proposal should be submitted to: firstname.lastname@example.org
. Services proposed shall be reviewed and evaluated based on completeness and compliance of the Proposal and responsiveness with the requirements of this RFP. The Proposal that complies with all of the requirements meets all the evaluation criteria and offers the best value for money shall be selected and awarded the contract. Any offer that does not meet the requirements shall be rejected.
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Within its strategy to promote enabling framework for introducing environment resilient practices, the Government of Armenia plans to significantly scale up the utilization level of green finance instruments and to secure a more pro-active participation of the private sector in implementing interventions in climate adaptation and mitigation domains. Within that overall strategy, the Government of Armenia through the Ministry of Environment (Designated National Authority) has requested support of Green Climate Fund (GCF) within the framework of "Readiness and Preparatory Support Programme" to implement comprehensive assessment of the constraints for further expansion of "green finance" practices, mapping of available instruments and to come up with comprehensive set of methodological, awareness raising and capacity building interventions. The Readiness Project will design a Green Finance Roadmap, as key political document outlining current state, existing impediments for green finance development and establishing comprehensive vision for green finance strategy contributing to implementation of Armenia's NDCs and Paris Agreement. The Roadmap and further activities aimed at implementation of the activities proposed will benefit from Repository of "Green Finance Instruments" that will be compiled during project execution stage and further handed over to Central Bank for maintenance and updates upon completion of the Project. The main objective of the Readiness Project is to achieve paradigm shift in design and utilization of "green finance" instruments through incorporating into policies, operational modalities of national banks and non-banking financial institutions the climate-resilient approaches and guidelines, as well as regulatory simplification and introduction of policy incentives for designing respective on-lending facilities. To achieve this objective, interrelated chain of activity clusters, including assessment of baseline, regulatory review and simplification, assessment of best international practices, design of methodological baseline and further capacity building activities will be implemented. The "ArmSwissBank" CJSC that also seek accreditation with GCF (under direct access modality) has been awarded the contract for implementation of "Scaling up Green Finance Practices in the Republic of Armenia" Project. The overall duration of the "Scaling up Green Finance Practices in the Republic of Armenia" Project is 24 months.
Armenian-RFP_002_local consultant_v2.docx - Request for Proposal_ARM
RFP_002_local consultant_v2.docx - Request for Proposal_ENG