Output 1. Identify the priority sectors and sub-sectors for implementing enhanced climate actions and provide a detailed analysis of the costs and benefits of each action. Provide recommendations for the most effective and efficient use of resources to make Panama more climate resilient and long-term sustainable. Product No. 1. One inception report detailing the proposed approaches and specific work plan to achieve the detailed deliverables. The document should encompass the following: • Identify the project's scope including the key action points and the prioritized NDC sectors with their respective climate actions, defined by the Ministry of Economy and Finance and the Ministry of Environment. • Conduct a needs assessment to gather information on both the Ministry of Economy and Finance’s and the Ministry of Environment’s requirements, goals, and expectations for the project, taking into account the financial resources and budget available inside the General Budget of the State for the NDC sectors prioritized. This information should be collected through meetings and interviews. • Develop a work plan with the proposed approach in mind. The plan should also identify any potential risks for the project and possible mitigation strategies to overcome them. Before submitting the report, it may need to be revised based on feedback from both the Ministry of Environment and the Ministry of Economy and Finances. Product No. 2. A cost-benefit analysis of selected enhanced climate actions in at least five sectors of Panama's NDC (identified in Product 1). The report will provide an in-depth analysis of the costs and benefits of implementing these enhanced climate actions. The completed cost-benefit analysis report will be a valuable tool for policymakers and stakeholders in Panama seeking to enhance their climate action efforts in a cost-effective and impactful manner. Product No. 3. Assessment document of the budget and cost structure for implementing the current and planned adaptive and mitigation measures in Panama (identified in Product 2), which aim to make Panama more climate resilient and long-term sustainable. The report will provide an in-depth analysis of the costs associated with implementing adaptive and mitigation measures, in the short-term and long-term, including costs related to their implementation and the longer-term monitoring of their effectiveness in light of continued change and the availability of new climate change data. (Work in close collaboration with Loss and Damage consultant). The consultant must include in the assessment, a detailed description of the methodology used for the analysis of costs for the implementation of the adaptation and mitigation measures for the short and long-term monitoring, to ensure the permanence of the assessment beyond the project’s completion. Specific tasks and responsibilities • Meet with relevant stakeholders to understand the current context on decision-making on climate change in Panama and to identify priority sectors and sub-sectors for implementing enhanced climate actions in the country. • Identify barriers and opportunities, as well as the costs of implementing these enhanced climate actions. • Provide recommendations for support actions and synergies with existing support programs at national and regional levels.