INCLUSIVE GREEN FINANCE ROADMAP DEVELOPMENT FOR SOLOMON ISLANDS AND VANUATU

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. 

GENERAL INFORMATION

• Position: Individual Consultant – Inclusive Green Finance Roadmap Development for Solomon Islands and Vanuatu
• Project: Greening the Pacific Financial Systems (GPFS) Programme
• Duty Station: Solomon Islands and Vanuatu
• Contract Duration:  May 2025 – December 2025 (90 intermittent working days)

Vanuatu and Solomon Islands face significant climate vulnerabilities, compounded by challenges in financial inclusion. The Reserve Bank of Vanuatu (RBV) and the Central Bank of Solomon Islands (CBSI) have introduced various policies aimed at promoting financial inclusion and addressing climate-related risks. These policies provide a critical foundation for the development of the IGF roadmaps, which will align with and build upon these existing frameworks. To support these intiatives, GGGI is engaging a consultant to support the development of inclusive green finance roadmaps for RBV and CBSI. The roadmap will align with existing policy frameworks and guide the integration of IGF approaches to address climate challenges, improve financial inclusion, and fortify the economic resilience of their financial sectors in the Solomon Islands and Vanuatu.

The primary objective is to develop inclusive green finance (IGF) roadmaps for the Solomon Islands and Vanuatu. The two roadmaps will outline actionable strategies to integrate financial inclusion and green finance principles, addressing both environmental and socio-economic challenges. The roadmaps will align with two countries’ climate policies and climate finance mechanisms, includingNatadola Roadmap to Inclusive Green Finance in the Pacific, Vanuatu National Financial Inclusion Strategy, the Solomon Islands Disaster Risk Financing Strategy and Vanuatu National Gender Equality Policy 2020-2030, and two countries’ international commitments such as Nationally Determined Contributions (NDCs), Sustainable Development Goals (SDGs), and National Adaptation Plans (NAP).

Key objectives include:

-          Identification of suitable investors based on investors’ preferences and characteristics, risk profile of each country’s economic sectors and the availability of private capital;

-          Identification of financial instruments required to close green/climate investment gaps most effectively, based on technology and financial market maturity;

-          Design of a policy and regulatory framework needed to overcome investment barriers and attract climate investments at the scale required; and

-          Development of robust methodology for closing green/climate finance gaps that can be applied by various actors in the Solomon Islands and Vanuatu.

The consultant will perform the following tasks:

Task 1: Stakeholder Engagement and Coordination

1. Identify and map key stakeholders, including government agencies, financial regulators, financial institutions, civil society organizations, environmental organizations, and development partners for each country.
2. Develop and implement a stakeholder engagement plans for each country to ensure active participation.
3. Facilitate one stakeholder meeting for each country to present roadmap objectives and gather input.
4. Establish a coordination mechanism to align efforts and ensure effective collaboration among stakeholders in the context of the Solomon Islands and Vanuatu.

Task 2: Diagnostics and Baseline Assessment

1. Conduct a desk review of existing policies, strategies on financial inclusion, green finance, and climate resilience and their implementation status and operational challenges in both countries.
2. Analyze available data on financial inclusion levels, climate risks, and existing green finance flows by type of instruments, and disaggregated by gender and income levels.
3. Identify gaps and opportunities in green finance to introduce and integrate the roadmap development for each country.
4. Assess investment risks and attributes associated with green finance and identify potential investors’ characteristics and preferences specific to each country.
5. Prepare a Diagnostics Report summarizing findings and recommendations.

Task 3: Development of IGF Roadmaps

1. Draft IGF roadmaps for the Solomon Islands and Vanuatu, including:

• Strategic priorities and action plans.
• Governance oversight structure, responsibilities and arrangements
• Institutional roles and responsibilities.
• Identify and estimate required capital mix in the context of Solomon Island by matching investor preferences.
• Gender-sensitive approaches.
• Alignment with national development plans, SDGs, NDCs, and NAP and Solomon Islands National Disaster Risk Financing Strategy, Vanuatu National Gender Equality Policy and other relevant policy and strategy.

Task 4: Validation and Finalization

1. Organize one stakeholder validation workshop in the Solomon Islands and one validation workshop in Vanuatu to present and refine the draft roadmaps.
2. Incorporate feedback into the final versions of the roadmaps.
3. Prepare a summary report on stakeholder feedback and its integration.
4. Collect gender-disaggregated data for participants.

Task 5: Capacity Building and Training

1. Design training materials and modules tailored to two countries’ central bank staff.
2. Conduct capacity-building workshops on IGF principles and roadmap implementation for the staff.
3. Provide follow-up resources, such as toolkits or guides, for sustained capacity building for the staff.

Task 6: Reporting and Knowledge Sharing

1. Submit progress reports every month summarizing activities, challenges, and achievements.
2. Prepare a final consultancy report, including key outcomes and lessons learned.
3. Support dissemination of roadmap through presentations or virtual sessions.

• The consultant will report to the GGGI Senior Economist, Green Investment Officer and Technical Officers in Vanuatu and the Solomon Islands and work closely with the CBSI and RBV.
• The consultant will collaborate closely with IGF focal points in CBSI and RBV to ensure alignment with two countries’ national priorities and policies.
• Regular progress updates will be conducted through virtual meetings, with written reports submitted at key milestones.
• The consultant will work with national stakeholders and regional partners to ensure coherence and effective implementation.
• GGGI will allocate a working space at its offices in the Solomon Islands and Vanuatu to accommodate the working station needs in the course of this consultancy. The consultant may periodically visit CBSI and RBV to collaborate on project preparations, consultations, and related tasks.
• The consultant will be required to work on site in the Solomon Islands and Vanuatu for tasks 1, 2 and 5.
• The consultant will arrange his/her own travel and insurance from the budget.         

The description of the required expertise may be split into the following parts:

• Advanced degree in Economics, Sustainable Development, Finance, or a related field. (15%)
• At least 8 years of experience in green finance, financial inclusion, or climate policy development. (25%)
• Demonstrated experience in strategy or roadmap development in small island developing states or similar contexts is an advantage. (20%)
• Strong stakeholder engagement and facilitation skills. (10%)
• Excellent written and verbal communication skills in English. (10%)
• Knowledge of gender-sensitive approaches in development planning is an advantage. (20%)

The closing date is 15 April 11:59PM Korean Standard Time (KST). Applications submitted after the deadline will not be considered. Applications must include a CV and two (2) writing samples relevant to green/climate finance in English.