1. Internship Topic
Mobilizing private climate finance to accelerate the transition to net-zero in Asia and the Pacific
2. Summary of Job Description
Asia accounts for about half of global greenhouse gas emissions and is highly vulnerable to climate hazards. To reduce emissions and adapt to the physical effects of climate change, the region’s climate financing needs are vast. Investment needs for climate mitigation and adaptation in Asia are estimated at $3.6 trillion over the period 2016-30, or $241 billion annually, of which at least $140 billion are projected for climate adaptation investments. Given constrained fiscal space amid historically high debt levels and high interest rates, mobilizing private sector financing different from public institutions, governments, development banks, and state-owned entities is paramount to achieve the transition to net-zero in Asia. Globally, such private finance is expected to cover 90% of climate mitigation needs in emerging and developing countries.

Against this backdrop, the intern will conduct innovative and policy-relevant empirical research to help identify the opportunities and challenges of private finance mobilization in Asia. Under the guidance of the internship supervisor, the research project may address questions such as:
• Development of sustainable finance markets: How do Asian corporate bond markets price risks stemming from climate-change related disasters?
• Filling the climate financing gap: Which type of financing instruments and risk mitigation products are more promising in filling climate finance gaps in Asia?
• Macro-financial enablers of transition to net-zero: How do financing conditions such as debt levels and currency choice of debt affect the speed of transition to net-zero?
• Mobilizing foreign climate finance: How do ESG (Environment, Social, Government)-themed capital inflows affect macroeconomic and financial stability differently from other types of capital inflows?
• Institutional investors and climate finance in Asia. How are sustainability policies by large institutional investors (hedge funds, pension funds, sovereign wealth funds) reshaping climate finance in Asia and the Pacific?

The intern will conduct research on one of the above or closely related questions pertinent to building ADB’s analytical capacities on climate finance, to be mutually agreed with the internship supervisor. Specifically, the intern is expected to

• Conduct an in-depth literature review to motivate the specific research question and shape the research design
• Produce a detailed research proposal guiding the empirical work
• Gather, structure and process relevant data
• Perform empirical analyses
• Make revisions based on feedback from supervisor and other reviewers
• Prepare a presentation summarizing results, and policy implications
• Prepare related inputs for policy briefs and reports
3. Period of Assignment
Duration: 11 weeks
Timing: September-November 2024
4. Location
ADB Headquarters, Manila
5. Expected Outcomes
a) Detailed research proposal comprising a motivation, literature review, data needs and empirical identification strategy;
b) Dataset constructed as input for empirical analysis;
c) Empirical analysis conducted and results documented;
d) Presentation of research findings at end of internship;
e) Other related tasks requested by supervising unit, including research-based inputs for policy briefs and reports.

Qualifications

6. Education Requirements
PhD candidate in international economics/ macroeconomics or finance. Candidate must be currently enrolled.
7. Relevant Experience
• Strong interest in and passion for policy-relevant empirical research
• Solid skills in gathering, structuring and processing data, as well as in empirical analysis
• Experience with Bloomberg, Haver or other major databases preferred
• Advanced knowledge of state-of-the-art econometric techniques
• Proficiency in econometric software such as STATA or R
• Proficiency in standard computer applications software, including MS office applications
• Excellent oral and written communication skills in English
8. Other Requirements
Upload the following documents in the “Attachments” section of your application:
o Curriculum vitae (CV)
o Proof of enrollment to a PhD program. Inclusive dates should confirm that you will be enrolled during the intended period of assignment.
o Transcript of Records for PhD-level coursework