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Supported by the World Bank, the C3A program addresses the full range of climate-related economic and financial policies (fiscal risks, financial regulation, impact modelling, just transition institutions,

etc.) according to a “whole-of-government approach”, involving finance ministries and their ecosystems (including diverse sectoral ministries, public administrations, and public agencies but also universities and think-tanks) to provide integrated, common solutions for climate-aligned development strategies.

The C3A program stands out by being a demand-driven initiative, all the while relying on an external Knowledge Network. Through a collaborative partnership with the Coalition of Finance Ministers for Climate Action (CFCMA), C3A will harness specialized resources from an independent Knowledge Network for Climate Action. This network consists of a high level and diverse group of academics, practitioners, and experts from both regional and international

backgrounds.

The Program is also designed to have strong interactions with other advisory and financial support provided by the World Bank such as CCDRs, experts-led technical assistance and financial support for climate reforms (DPO, DPLs, etc.). An essential component will be the convergence of the climate smart analytical toolbox program (CSAT) as a support to the analytical part

of the C3A program.

Since capital reallocation from ‘high-carbon’ to ‘green’ investments will lower emissions, greening the financial sector can be a major lever for countries to achieve their mitigation targets. Currently, policy makers, financial regulators, and financial market actors are designing and, to varying degrees, implementing a range

of actions which reflect climate risk in financial and monetary policy, provide public co-financing in target sectors to mobilize private investment, and de-risk investments intended to have climate benefits. Green Financial Sector Interventions (GFSIs) aim to steer private and public financial capital toward low-carbon investment projects by providing incentives for capital reallocation.

The financial sector mitigation tool (FSMT) should allow for a solid estimate of the mitigation impact of key GFSIs depending on country specific and time dependent macro-financial conditions. It could be used to understand better the GFSIs’ contribution to national climate mitigation targets. It could also be used

to optimize GFSIs for mitigation impacts through simulating design variations. In the end, an effective framework for results-based climate finance needs a robust assessment of the macro-financial stability conditions of different forms of green finance instruments.

The policy space for using GFSIs will strongly depend on the macro-financial conditions of each country. For some countries, as is often the case in developing open economies, the indiscriminate use of such financial sector interventions may weaken their external financing position, leading to exchange rate depreciation, and probably lower than expected investment and emission reduction. For others, it might on the contrary lead to

a positive feedback and further emission reductions. This macro-financial constraint is expected to have a first-order impact on the outcome in terms of emission reductions.

The C3A Program, together with the CSAT program, will hire an Extended Term Consultant Climate Economist to work in support of

the Programs.

• Define and regularly update the capacity creation offer regarding the analytical toolbox hub: coordinate the Demand Assessment phase, collect feedback from member

countries, manage the relationship with the Knowledge Network, mobilize CSAT tools to support analysis in response to emerging needs, etc.

• Strengthening the fiscal/debt and adaptation finance dimensions of

the tool as well as exploring potential collaborations within WB and with IMF.

• Directly support a team of modellers to provide countries and WB economists with appropriate analytical tools: training, technical support on demand, participation in the hiring process,

monitoring of the day-to-day modellers team’s activity, etc.

The

mission is calibrated as a full-time role for a 1-year period.