|Introduction : |
Climate change is leading to higher and more variable temperatures, rising sea levels, and more severe droughts, floods and storms, resulting in infrastructure damage, loss of biodiversity and diminished livelihoods. The increasing impact of climate change and extreme weather also has a net negative effect on public finances and may trigger economic instability and political shocks. Despite African countries and Least Developed Countries (LDCs) are severely affected by climate change, they have the least access to climate finance, particularly for adaptation. Green bonds are demonstrating potential to address the climate financing gap, growing to $523 billion in 2021 and reaching a total market size of $2 trillion at the end of quarter 3 in 2022. However, Africa accounted for only 0.077% of issuances in 2021. African countries face exorbitant interest rates, essentially shutting them out from global capital markets because of a number of underlying barriers that increase investor risks. Furthermore, green bonds to date have focused primarily on greenhouse gases (GHG) mitigation efforts with a much lower emphasis on climate resilience and ‘blue’ sectors, despite the role that adaptation investments can play in reducing investment risk and potentially improving credit ratings over time. Such efforts are critical to ensuring African countries’ long-term access to affordable climate finance to meet the nationally determined contributions (NDCs) and NAP goals.
EIB as the accredited entity and UNDP as executing entity of the Green Climate Fund (GCF), is supporting the formulation of a multi-country programme titled “Green and Resilience Debt Platform in Africa and LDCs (GRDP)”. The programme aims to unlock public and private climate finance at scale by leveraging the potential of green debt capital markets, particularly through climate resilience and blue bond issuances in Africa and LDCs. It is in view of the foregoing that qualified National Individual contractors are requested to review the attached Terms of Reference and submit their offers by the set deadline.
Description of the Assignment:
Period of assignment/services: 60 workings Days, from September 2023 through March 2024
Proposal should be submitted directly in the portal no later than indicated deadline.
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