Climate Finance and Carbon Market Analyst

Established in 1944, the World Bank Group (WBG) 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. The WBG is governed by 189 member countries and delivers services out of more than 120 offices worldwide, with nearly 15,000 staff located globally. We work with public and private sector partners, investing in ground-breaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information, visit www.worldbank.org.

The five specialized institutions are: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID).

1. Bangladesh faces a high level of vulnerability to the effects of climate change stressing the urgency of the country’s climate commitments and its adaptation and mitigation efforts. Bangladesh is a modest contributor to global greenhouse gas (GHG) emissions for an estimated 0.4 percent of global emissions in 2018. Addressing these climate risks with urgency is critical for sustainable economic development.

2. Bangladesh updated its Nationally Determined Contributions (NDC), with ambitious quantifiable mitigation targets. The updated NDC has expanded its emission reduction coverage from only a few sectors to the whole economy of the country, including energy, industrial processes and product use, agriculture, forestry and other land use, and waste.

3. Bangladesh has a robust domestic climate policy framework that focuses on resilience. More work needs to be done for Bangladesh to unlock Results-based Financing - Carbon Financing from an enabling environment and institutional realignment perspective.

4. The Government of Bangladesh has outlined priority areas for climate change adaptation and mitigation in its national plans with a range of estimated financing requirements, from 0.8 percent to over 5 percent of annual GDP. According to the World Bank Bangladesh Country Climate Development report (CCDR), Bangladesh could raise up to $12.5 billion in additional financing in the medium term for climate actions.

5. Bangladesh accessed the international carbon market, but the level of utilization of the international carbon market and climate finance is modest compared to its ambitious NDCs.

6. Carbon markets can bring additional revenue to incentivize countries to move towards the decarbonization of their economy and NDC achievements. In addition to the country’s NDC, there are key decarbonization initiatives that identify carbon pricing to incentivize the decarbonization of the economy.

7. The World Bank is engaging in this ambitious climate agenda on multiple fronts.

a. Climate and Carbon Finance for Renewable Energy (P181384): Mobilise climate and carbon finance support for renewable energy development in Bangladesh.

b. Partnership for Market Implementation Bangladesh Implementation Phase (P180924): Support the Government of Bangladesh on (i) developing governance and system arrangements to enable and promote participation in international carbon markets and (ii) building capacities and informing the decision-making processes regarding domestic carbon pricing policy options.

c. Bangladesh Environmental Sustainability and Transformation Project (P172817): Pilot new financing mechanisms to promote green investments in targeted sectors.

d. Green and Climate Resilient Development Credit (P180439): Support the Government of Bangladesh to transition to green and climate resilient development by (i) enhancing public planning, financing, and delivery of green and climate resilient interventions; and (ii) promoting key sector reforms for greener and more efficient production and services. Examples of policy and regulatory reforms supported:

e. Country Environmntal Assessment: The Assessment aims to support the Government of Bangladesh (GoB) in informing policies and investments for improving environmental health and pollution management, a critical step towards a green growth pathway.

Against this rich backdrop, there is a need for taking stock of the World Bank’s engagements on climate finance and carbon markets.

Under the direct supervision of the Operations Manager, Bangladesh Country Management Unit and Program Leader-Bangladesh Sustainable Development Practice Group, the UN Vol-unteer will undertake the following tasks:

• Support the country engagement on climate finance and carbon market by contributing to a stock taking of the engagements on climate finance and carbon markets, identifying duplication or inefficiencies, and assessing how complementarites can be enhanced across the World Bank-financed activities and activities by development partners.

• Assist in reviewing World Bank Bangladesh portfolio and pipeline, and identify opportunities for accessing carbon finance, and opportunities for earning carbon market credits.

• Serve as a liaison for multi-Practice Group activities and support organizing knowledge sharing events, round-tables etc. Organize meetings and ensure smooth communication with development partners, academia, and other stakeholders in Bangladesh.