Job Opening

Posting Title: UNEP Finance Initiative (UNEP FI) Consultant for Developing and Leading Correlation Analysis Cliinics TCFD Phase 2
Department/Office: United Nations Environment Programme
Duty Station: GENEVA
Posting Period: 18 March 2020 - 25 March 2020
Job Opening Number: 20-United Nations Environment Programme-133770-Consultant
Staffing Exercise N/A
United Nations Core Values: Integrity, Professionalism, Respect for Diversity
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Result of Service

Objective area 1

· To develop a framework for correlation analysis and demonstration of climate impact detection using credible financial metrics for loan portfolios in the real estate and agriculture sectors.

2 Objective area 2

· To support banks in the application of the framework for correlation analysis to their own data.

3 Objective area 3

· To present the underlying science, analytical framework, and practical application of the tools through a series of interactive webinars with the banks.

Work Location

Working Remotely.

Expected duration

The duration of the contract will be for 3 Months.

Duties and Responsibilities

The United Nations Environment Programme Finance Initiative (UNEP FI) is a strategic public-private partnership between UNEP and the global financial sector. UNEP FI works with approximately 245 financial institutions, which are signatories to the UNEP FI Statements of Environmental Commitment, and a range of partners and organisations, to develop and promote linkages between the environment, sustainability and financial performance.

As part of its 2019 work programme on climate change and building on the outcomes of its initial Task Force on Climate related Financial Disclosures (TCFD) pilot in banking, UNEP FI has decided to carry out a Phase II of this work and has to that effect recruited at least 36 commercial and development banks that will participate and support this second Phase.

The consultant shall be under the overall supervision of the Head of UNEP Finance Initiative, and report directly to the Programme Officer, UNEP FI Climate Change. The consultant should take direction from the Programme Officer, while final deliverables shall also be approved by the Head of UNEP Finance Initiative.

Building from the methodologies, and corresponding insights and recommendations, published by UNEP FI & Partners in 2018, Phase II of UNEP FI’s work on TCFD adoption has the following objectives:

1. Objective area 1: Briefing and training - in depth - UNEP FI member banks that are new to UNEP FI’s TCFD work on the various methodologies developed – and the insights won - in Phase IITo support the creation of the outputs listed above for Phase II, the consultant will be involved in the following activities:

a. Understanding physical risks relevant to financial performance of real estate and agricultural sectors:

· Review literature of statistical analytics used to discern climate impacts on financial indicators. This will focus on correlation analysis but will cover other techniques such

as conditional, multi-hazard, machine learning, and Ricardian analysis. This will be done jointly with Acclimatise

· Aggregate review findings in a written report, featuring weather (e.g. temperature), composite (e.g. drought) and climate (e.g. El Nino Southern oscillation) indices. This will be done jointly with Acclimatise.

· Obtain regional climate indices based on the financial metrics/sources obtained by Acclimatise.

· If feasible, obtain other non-climatic variables that link historical climate hazards to historical financial impacts.

b. Linking physical risks to financial performance of real estate and agriculture sectors:

· Create a worked example linking physical risks to financial performance. This will be done by applying correlation analysis to explore historical associations between financial metrics (obtained by Acclimatise) and climate indices (obtained by consultant). This worked example will feature both the agriculture and real estate sectors.

· In Excel, devise a correlation analysis tool that can be used by banks to analyze their own data. This will be done jointly with Acclimatise

c. Disseminating findings

· Lead and develop a webinar clinic on how banks can use correlational analysis to evaluate physical risk with their own portfolios. This clinic will feature a brief primer on the literature review, sources of data, the worked example, and the Excel tool. This will be done jointly with Acclimatise

· Lead at least two follow-up webinar clinics to help banks build capacity with correlation analysis and the Excel tool. These will include group Q&As

· Craft section of the final report featuring correlation analysis, signposting other analytical techniques noted in the literature review2. Objective area 2: Further developing and enhancing – in partnership with relevant expert stakeholders - a number of the various elements within the ‘toolkit’ that banks currently have at their disposal to carry out forward-looking risk and opportunity assessments, potentially including: i) climate-related scenarios, ii) client data, iii) modelling approaches, iv) legal guidance, etc.

3. Objective area 3: Strengthening and institutionalizing links and dialogue - and synchronizing agendas - with relevant platforms, processes, and efforts, particularly those involving financial regulatory organisations (e.g. the Network for Greening the Financial System – NGFS, the EU Action Plan), client industry associations, the proceedings of the TCFD itself, and investor efforts (through the Principles for Responsible Investment, or UNEP FI’s own investor piloting of the TCFD)

To that effect UNEP FI requires a senior consultant to act as the UNEP FI lead on activities related to Objective Area 2 that pertain to the expanding the bank toolkit for physical risk assessment via correlation analyses of hazards.

Qualifications/special skills

Academic Qualifications: A Master’s University degree in economics, finance, environmental studies, international relations, business administration is required.

Experience: At least 7 years of experience in climate change research or in commercial consulting, examining the physical risks associated with climate change including from the perspective of financial institutions.

Language: Fluency in English Language is required, knowledge of other United Nations languages is an asset.

Skills: The consultant should have a proven track record in climate-related research. In particular, the consultant should have prior experience in climate modeling and climate assessments. Specific knowledge of literature reviews, statistical analysis, devising and deploying analytical frameworks, and creating evaluative tools are valuable. Prior engagement with members of the financial sector is an asset.

No Fee


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