Grade: IS-4
Deadline: 1 August 2023 (11:59 PM KST)
Job Category: International
Salary: USD 123,770 net (plus attractive benefits, that include the following allowances (as appliable): Relocation, dependency, education assistance and home country travel)
Introduction
The mission of the Green Climate Fund is to assist developing countries to respond to climate change while bringing prosperity to their people. Established in 2010, the GCF invests in transformational climate projects in the developing world. The Fund makes an ambitious contribution to global climate action and channels significant financial resources into
developing countries to help build low-emission and climate-resilient societies. It is country-driven and undertakes actions that reflect the circumstances of each country concerned and its national aspirations. The GCF is a key enabler of the 2015 Paris Agreement on Climate Change. Since its establishment, the GCF has approved 190 projects in 123 countries and has
committed USD 10 billion in climate finance. In addition, it has built up an extensive program to support developing countries to identify their needs, in particular, those who are most vulnerable to climate change impacts. The GCF’s diverse workforce is advancing its mission from its headquarters in South Korea. Our talented staff makes unique contributions to the Fund, enriching the institution through their combined expertise and professional commitment.
Position Objective
The Financial Management Specialist – Climate Financing and Restructuring is responsible for managing all aspects of the GCF Funded Activities, including but not limited to new climate funding proposals, restructurings, and partner engagement. The applicant is also responsible for ensuring compliance with the relevant GCF policies and ensuring consistency in the financial management & reporting requirements of the Funded Activities. Furthermore, the candidate will have insights that extend into the identification of new and innovative programs that positively impact the effectiveness and efficiency of GCF.
In coordination with the Division of Mitigation and Adaptation (DMA) and Division of Private Sector Facility (DPSF), the Financial Management Specialist – Climate Financing and Restructuring leads the review and appraisal of the Funding Proposals and is responsible for all the relevant finance-related monitoring aspects of the Funding proposals. The candidate is responsible for reviewing the financial reporting and the auditing requirements of the funding proposals ensuring proper fiduciary and financial management, including financial reporting arrangements are in place and are consistent with the policies of the Fund.
In coordination with the Division of Portfolio Management (DPM), the candidate leads the monitoring and due diligence process of the funded activity portfolio. The applicant also leads the DSS/Finance team in discussions/negotiations of the financial management aspects of the Funded Activities with Accredited Entities (AEs), including project restructuring proposals.
Finally, among other operational tasks, the Financial Management Specialist will review, assess, and provide necessary recommendations for the Climate Investment Committee (CIC) and Operations Committee (OC) meetings on projects in the GCF pipeline and undertake tasks that will be assigned by the Head of Financial Analysis and Product Innovation.
Duties and Responsibilities
Purpose
Lead the financial management, review, and monitoring of all the Funded Activities (Grant, Loans, Equity, and Guarantee Projects/Programmes) under implementation, including addressing restructurings as necessary.
Develop and continuously improve relevant processes related to the Funded Activities and project financial performance review, thus identifying and creating sustainable solutions for an increasingly complex portfolio
Engagement
Engage and nurture collaboration with the internal stakeholders mainly with the Division of Mitigation and Adaptation (DMA), Division of Private Sector Facility (DPSF), and Division of Portfolio Management (DPM), and wherever requested represent the Fund in all the external stakeholders’ engagements.
Provide expert Advice and guidance to DMA and DPSF to appraise funding proposals, ensuring that finance guidance and observations are properly captured, and the financial reporting and internal control requirements are adequately addressed in Funded Activities Agreements (FAAs) with the AEs.
Introduce new benchmark ratios, such as value for money and regional cost analysis to be used by the unit and GCF task teams in the evaluation of new funding proposals and readiness.
Update and ensure that the financial terms and conditions of the Funded Activity (including the FP, Term sheet, FAA, and LPA (for equity projects) are in alignment with GCF’s policies and the Accreditation Master Agreement (AMA).
Lead the analysis and review of the financial aspects of the Funding Proposals, Annual Performance Reports, and the financial reports submitted by the Accredited entities.
Lead the improvement of the operational efficiency of the Funded Activities review process by providing strategic advice for the development, implementation, and refinement of financial tools, templates, and automation, including guiding DPM in the development and implementation of financial reporting templates for the Funded Activities.
Be a sounding board to the Funds partners, and actively engage with partners for the negotiation of various agreements, budget proposals, and key finance-related terms and conditions of the Funded Activities. If necessary, be a trainer to the Fund’s partners.
In mentoring and managing junior staff members, your key responsibilities include establishing clear expectations, providing guidance and feedback, delegating meaningful tasks, setting development goals, and fostering open communication.
Strengthen capacity building by developing training materials, providing training and capacity building programs to enhance the capacity of NDA, AE, DAE, and GCF staff in project evaluation techniques, ensuring consistent and thorough assessments.
Delivery
Lead and review of Funding Proposals, including a comprehensive review of budget proposals for accuracy, cost-effectiveness, and compliance to GCF’s fiduciary standards and policies, and provide necessary recommendations to the DMA, DPSF, DPM, and other teams in the Secretariat.
In collaboration with DMA, PSF, DPM, ORMC, and OGC teams, lead and provide strategic inputs in the finalization and operationalization of legal clauses in FAAs and other relevant agreements, including providing timely clarity on GCF policies and procedures on financial accounting, reporting, and auditing wherever necessary.
Develop, apply and constantly review the disbursement requests from the partners after ensuring that all the relevant conditions to disbursements are met.
Lead the provision of timely and comprehensive advisory and technical support to DMA, DPSF, and DPM on financial aspects of Funded Activities.
Lead the negotiation of finance-related clauses with the Accredited Entities in the Accreditation Master Agreement.
Take any additional responsibilities that may be requested by the Head of Financial Analysis and Product Innovation.
Requirements
Master’s degree in Finance, Economics, MBA or advanced Accounting or professional Accounting/Finance qualifications (CPA/CA/CFA)
A minimum of 9 years or more relevant experience in financial resource management, accounting, and project/grant portfolio management, with strong analytical skills.
Demonstrated insights that extend into the identification of new and innovative programs.
Proven experience in analyzing the donor funded project proposals to check their reasonableness and advising partners on the remedial actions that need to be undertaken based on the observation(s) in the audited financial statements and audit management letters respectively.
Proven experience in managing complex projects at the portfolio level and in leading and negotiating complex funding proposals including advising partners on the financial management aspect of the projects.
Demonstrated experience in collaborating with diverse, internal, and external stakeholders and partners in the implementation of capacity building, or climate change, or sustainable development projects in developing countries.
Excellent interpersonal skills and proven experience in working in a multicultural environment with diverse stakeholders at different technical and strategic levels.
Unquestionable integrity and adherence to the highest ethical standards.
Relevant work experience with international organizations is a distinct advantage.
Fluent written and oral communication skills in English are essential for this position; knowledge of another UN language is an advantage.
The closing date for application is 1 August 2023. Applications submitted after the deadline may not be considered.
*The person assessed by the Selection Panel as most suitable for the position will be proposed for appointment. Selection among short-listed candidates will also take into account performance at interview, appropriate testing, and references.
Applications from women and nationals of developing countries are strongly encouraged.