Reference Number: 230498

Position Level: IS 5

Department: Climate Change and Sustainable Development Department

Division: Climate Change, Resilience, and Environment Cluster

Location: Asian Development Bank Headquarters

Date Posted: Monday, August 7, 2023

Closing Date: Monday, August 21, 2023 11:59 p.m. (2359 Manila Time, 0800 GMT)

IMPORTANT INFORMATION: This is a special fixed-term appointment for a period of three (3) years following Section 3.1 (c.) of Administrative Order No. 2.01 (“Recruitment and Appointment’). This appointment is not convertible to a regular appointment. It may be extended on exceptional basis for a further fixed period at the option of ADB. This appointment is open to internal and external applicants.

Overview

Asian Development Bank (ADB) is an international development finance institution headquartered in Manila, Philippines and is composed of 68 members, 49 of which are from the Asia and Pacific region. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. ADB combines finance, knowledge, and partnerships to fulfill its expanded vision under its Strategy 2030.

ADB only hires nationals of its 68 members.

The position is assigned in the Climate Change Team in the Climate Change, Resilience and Environment Cluster (CCRE) of the Climate Change and Sustainable Development Department CCSD) and strategically assigned to the Finance Sector Office (FSO) under the ADB’s new Sectors Group. CCRE leads the Bank’s work in responding to the growing need for innovative policies, institutions, and investments to lead the region to a low carbon, climate, and disaster resilient and nature positive future; and supports ADB’s operational departments to develop and implement climate and disaster resilience projects, integrate disaster risk and climate change considerations into their broader portfolio of projects, and access climate financing. The Finance Sector Office supports finance sector development through sovereign and nonsovereign initiatives to develop deep and liquid financial markets and enhance financial stability. Key areas of focus are financial inclusion, capital markets and contractual savings, digital finance and innovation, and sustainable finance. Sustainable finance is a key initiative of ADB and will need to be strengthened going forward to specifically incorporate initiatives through the financial sector focusing on climate change adaptation and mitigation, disaster risk management and environmental services.

To view ADB Organizational Chart, please click here.

Job Purpose

The Senior Financial Market Specialist (Climate Financing) will support the FSO in contributing to ADB’s climate change goals in line with the Paris Agreement following the 6 building blocks: (i) alignment with mitigation goals; (ii) adaptation and climate-resilient operations; (iii) accelerated contribution to the transition through climate finance; (iv) strategy, engagement and policy development; (v) reporting; and (vi) aligning of internal activities, including facilities and other internal policies. He/she will provide strategic advice on sustainable finance issues including climate finance policy framework and capital market instruments for operations, innovative financing models, regulatory capital, and the development of resilient financial markets. He/She will have a solid finance background and will lead in developing, implementing, and advising transactions using innovative financing approaches to help catalyze the investments required for supporting ADB operations in climate mitigation and adaptation in the region.

The incumbent will have a dual reporting line to the Director of Climate Change in the Climate Change and Sustainable Development Department and to the Senior Director, Finance Sector Office, Sectors Group.

Responsibilities

a. Operational Advice and Support

•  Participate in meetings and consultations pertaining to climate financing and related infrastructure finance with ADB stakeholders including government counterparts and actively contribute new and/or innovative approaches to policy and operational issues;
•  Conduct technical reviews on design and implementation of ADB’s investments on climate finance and quality infrastructure including within the quality infrastructure investment framework and advise operations departments in developing financial policy framework and market instruments and innovative financing solutions to support climate finance;
•  Provide policy advisory support to operations departments in scaling up climate financing at a country level, including engagement with government and the private sector;
•  Provide expertise related to infrastructure finance including on the development of legal, regulatory, and institutional frameworks and financing structure;
•  Support FSO and resident missions in program development at the country level to apply innovative financing approaches and to deliver quality support to developing member countries (DMCs) in climate financing;
•  Collaborate with the Climate Change, Resilience and Environment Cluster (CCRE) in initiating measures to create market incentives towards greening of our economies including aligning regulatory capital initiatives to support decarbonization of economies across Asia and the Pacific;
•  Contribute to developing models of wholesale climate infrastructure financing through ADB’s financial instruments including financial intermediary loans consistent with standard methodologies;
•  Explore new approaches for ADB to catalyze funding for green and climate friendly financial systems in ADB DMCs in line with the Paris Agreement;
•  Collaborate with CCRE to develop synergy and cross fertilization on new initiatives to mobilize funding for climate change;
•  Collaborate with relevant teams in designing and developing climate bonds, infrastructure bonds, other sustainable bond instruments and thematic bonds;
•  Support ADB DMCs in the development of market infrastructure and ecosystems to boost both supply and demand for sustainable finance including banking and capital market regulation and market development by reconciling impact disclosures and management principles and strengthening market regulation and legal frameworks;
•  Work closely with the FSO to oversee the capacity development within ADB and DMCs on integrating climate elements to finance sector operations; and
•  Ensure coordination with other sector and thematic groups within FSO and in other departments in ADB for exchange of knowledge and experience.

b. Knowledge Management and Collaboration with External Partners

•  Publish knowledge products and blogs on issues and challenges faced by finance sector in climate finance as well as innovative approaches to address them;
•  Support in capacity development of ADB staff and DMCs on matters related to sustainable finance;
•  Participate in activities undertaken by ADB with knowledge partners, multilateral development banks and other international organizations in the area of climate finance in coordination with the CCSD;
•  Contribute to the preparation of briefing notes, speeches and other documentation as required to support management participation in regional and global platforms related to sustainable development goal finance.

Qualifications

Relevant Experience & Requirements

•  Master’s degree, or equivalent in economics, finance, business administration, actuarial science, or related field. University degree in business administration, finance, economics, or other related fields and at least 5 years specialized experience relevant to the position can be considered.
•  Minimum of 10 years of relevant professional experience, with experience in sustainable finance operational work including climate finance.
•  International experience working in several countries
•  Strong understanding of financial institutions and sustainable finance with practical experience in developing countries.
•  Excellent written and verbal communication skills in English are required.
•  Proven ability to work independently and to operate effectively in a team environment.
•  Ability to set priorities among multiple assigned tasks.

Please refer to the link for ADB Competency Framework for IS5.

General Considerations

The selected candidate, if new to ADB, is appointed for an initial term of 3 years.

ADB offers competitive remuneration and a comprehensive benefits package. Actual appointment salary will be based on ADB’s standards and computation, taking into account the selected individual’s qualifications and experience.

ADB seeks to ensure that everyone is treated with respect and given equal opportunities to work in an inclusive environment. ADB encourages all qualified candidates to apply regardless of their racial, ethnic, religious and cultural background, gender, sexual orientation or disabilities. Women are highly encouraged to apply.

Please note that the actual level and salary will be based on qualifications of the selected candidate.