Sustainable Finance Assistant, Mexico

INTRODUCTION TO GGGI

The Global Green Growth Institute (GGGI) is a treaty-based international, inter-governmental organization dedicated to supporting and promoting strong, inclusive and sustainable economic growth in developing countries and emerging economies. To learn more please visit about GGGI web page. 

The Sustainable Finance Assistant will report to Mexico´s Sustainable Finance Sr. Associate. The position will be responsible for supporting the activities related to sustainable debt capital markets and fostering sustainable finance mainstreaming in Mexico. The position will support the development of products and project components related to Sustainable Finance/Green Investment Services.

PURPOSE

• Support in the development of guidelines and documents concerning the processes of pre and post issuance of thematic bonds (Green, Social, Sustainable, SLB, etc.).
• Support in the development of presentations and materials aimed for the delivering of capacity building workshops for market actors in alignment with the Mexico’s Sustainable Taxonomy and green financial instruments.
• Support in arranging meetings with stakeholders from the financial sector of Mexico.
• Support the development of materials for users, including guidelines, procedures, tools, training materials and other technical documents.
• Support the development of concept notes for climate funds.

ENGAGEMENT

• Work closely with the GGGI México and regional teams as needed to support the development of technical documents related to sustainable finance/green investments services.
• Work with national counterparts, particularly the Ministry of Finance, national development banks, other private sector stakeholders (ie. Stock exchanges, financial entities, issuers) and other relevant parties that could support and facilitate GGGI´s delivery, scalability, and impact at federal and subnational level.

DELIVERY

• Assist development of thematic bond frameworks (green, social, sustainability and sustainability-linked) in alignment with international best practices and principles.
• Assist development of capacity building activities. Deliver documents, presentations, guidelines, etc., related to building capacities on sustainable finance and green investments.
• Assist in the process of gathering information for Second Party Opinion from a reputable certifier/verifier.
• Assist in the development of concept notes for climate funds.
• Ad hoc support to advance the implementation of Mexico’s Sustainable Finance Strategy and Sustainable Taxonomy, including its knowledge sharing products.
• Participate in any other relevant activities deemed necessary for the development of GGGI’s Mexico and LAC programme, including monitoring and evaluation of the climate finance related activities.

REQUIREMENTS

QUALIFICATIONS

• Bachelor’s degree in economics, finance, Public Policy, Public Administration, Environmental Economics, or a relevant field.
• At least 2 years of relevant working experience in the financial sector, preferably in public administration or in project finance (PF) or debt capital markets (DCM) and in the field of climate/green/sustainable finance.
• Understanding of green finance and sustainable financial instruments (bonds, grants, debt, guarantees and equity) and familiarity with ESG reporting frameworks and SDGs.
• Experience in organizing workshops/webinars.
• Experience in client facing roles in public institutions or development agencies.
• Excellent verbal and written fluency in English and Spanish.

FUNCTIONAL

• Fast learner, quick to adapt to new environment, systems and bring an immediate contribution. High literacy with systems, processes, and high level of analytical and logical thinking.
• Self-initiative, motivated, and team-oriented, with the capacity to work under pressure and with little supervision.
• Able to achieve results in a quality, timely, and cost-effective way. Sees priorities, plans the efficient use of resources, and monitors progress against objectives.
• Processes and shares information easily and is excellent at problem solving.
• Seek opportunities to improve processes and outcomes. Frequently review performance to identify areas to develop.
• Service-oriented to internal and external clients, with demonstrated abilities to find solutions, resolve problems, and overcome challenges.
• Respond positively to change and able to adapt quickly to new situations. Able to take on a diverse range of tasks equally effectively.
• Expertise with reliable hands in Microsoft Office.

 CORPORATE

• Understand and actively supports GGGI’s mission, vision, and values.
• Promote an organizational culture of trust, transparency, respect, and partnership.
• Excels at problem-solving, ask questions and seeks support when needed, easily shares information and knowledge with others both internally as externally.
• Manage emotions and stress positively, builds rapport and resolves conflict easily.
• Strong ability to work independently and/or remotely, while maintaining productivity.
• Excellent English oral and written communication skills.

WORKING CONDITIONS

The Sustainable Finance Assistant is a National Position at X4 grade level in GGGI’s national salary scale. The salary will be defined depending on qualifications and experience. GGGI provides 15% of base salary towards retirement plan/long-term savings, 27 days of annual leave, and private health insurance. GGGI is committed to providing a work environment that is sufficiently flexible to accommodate diverse life-cycle challenges and assist Staff members to achieve a better balance between work and personal/family commitments, thus ensuring high performance, long-term productivity, and well-being of Staff members.

 CONTEXT

Over the last decade, the Global Green Growth Institute (GGGI) has consolidated its role as a trusted advisor to Mexico’s federal and subnational governments, actively working shoulder-to-shoulder with key counterparts to establish a strong green growth foundation in the country. In 2014, the Mexican Senate ratified the Agreement for the Establishment of GGGI, which signals Mexico’s commitment to green growth and its recognition of the shared value of this development paradigm in cooperation with GGGI. In 2021, the Country Agreement between GGGI and Mexico was signed between the Mexican Foreign Affairs Secretariat and GGGI; hence, formally recognizing GGGI as one the country’s key partnering international intergovernmental organizations.

From its inception in Mexico (2013), GGGI has supported the federal government to develop the National Climate Change Strategy and the Special Climate Change Program. From there, GGGI expanded its work to support the government with tools and analyses to manage air quality, improve public transport, reduce the use of private vehicles, and promote cleaner, more efficient mobility. GGGI has also partnered with the Secretariat of Environment and Natural Resources (SEMARNAT) to develop workstreams at the subnational level. One such initiative (2013) was GGGI’s technical and advisory role for the Environmental Commission of the Megalopolis (CAMe), where GGGI supported efforts to improve the air quality of the region. In addition, GGGI worked alongside the State of Sonora to develop and adopt its Green Growth Strategy (SGGS) and governance mechanism, which has been instrumental for the development of green growth initiatives in the state in line with the priority areas of the GGS. In more recent years, GGGI has also partnered with Mexico’s Secretariat of Finance and Public Credit (SHCP) and the Green Climate Fund (GCF) to improve the climate finance architecture in the country and enhance Mexico’s access to climate finance through preparing local financing institutions to access funds from the GCF. The latter has opened the doors for GGGI to Mexico’s financial system, enabling to work with regulators and regulated entities for mobilizing green finance. Lastly, Mexico also hosts GGGI’s Regional Office for Latin America and the Caribbean.

Between 2019-21 GGGI has implemented the GCF Readiness Program, which supports the SHCP plus national development banks, NAFIN and BANOBRAS, to mobilize climate finance and enhance their institutional capacities to access GCF funds. Some key deliverables within this project are Mexico’s Country Programme; the No Objection Procedure; the generation of institutional capacities within NAFIN and BANOBRAS in gender, environmental and social risks management in support of their accreditation as Direct Access Entities (DAEs) before the GCF; plus supporting SHCP in launching the Green Finance Taskforce of the Inter-Ministerial Climate Change Commission and its efforts in support of the development of a Sustainable Taxonomy for Mexico.

In 2022, a Multiyear GCF Readiness Programme started its implementation to continue strengthening capacities of the Ministry of Finance of Public Credit (SHCP) -as focal point of GCF and other green funds – and candidate and accredited DAEs on sustainable finance to mobilize investments that advances Mexico’s climate and sustainable commitments.

More recently, with support from the UK Partnering for Accelerated Climate Transitions (UK PACT), GGGI has worked closely with the National Banking and Securities Commission (CNBV).  This project aims to support the efforts of Mexico’s financial regulator–the CNBV–on greening finance through the development of capacities and increase knowledge within the commission itself and with its regulated entities. The project has entailed developing knowledge products on the integration and disclosure   of environmental, social   and   governance (ESG) standards; developing recommendations to integrate climate-related risks in financial products/services for specific vulnerable groups; and by providing capacity   building and skills   enhancement   for   CNBV   staff   and   members   of   the   Sustainable   Finance Committee. The project also included the development of a self-assessment tool for regulated entities (financial entities and market issuers) to evaluate where they stand on ESG integration and what actions they need to undertake to advance their efforts.

In addition, under UKPACT sponsorship, GGGI supported the development and socialization of Mexico’s Sustainable Taxonomy under SHCP’s lead. In addition, national development banks, such as FIRA and NADB, received technical assistance to development thematic investments (bonds) and enhances their environmental and social safeguards towards mobilizing greener financial products. One of the most remarkable achievements in this sense is the Sustainable Financing of the State of Baja California and LAC’s and Mexico’s first resilience bond.

Recently, UKPACT ratified GGGI’s work as Implementing Partner by funding another phase of the project, which consists of three workstreams: 1) continue advancing and strengthening Mexico’s Sustainable Taxonomy and creating skills on users for its implementation,2) continue working with NDB to further mobilize resources in debt capital markets (DCM), and 3) supporting the development of carbon market regulation and its implementation.