Description
Do you want to build a career that is truly worthwhile? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity and promoting sustainable development. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. Please visit www.worldbank.org.
Equitable Growth, Finance, and Institutions Practice Group:
The Equitable Growth, Finance, and Institutions Practice Group (EFI) is one of the World Bank Group’s four Practice Groups. EFI’s mandate is “Growth, Finance, and Institutions for all.” Our approach is to leverage public and private sector expertise, together with International Finance Corporation (IFC), to support a data-driven reform agenda. EFI supports clients in advancing evidence-based structural reforms to build the foundations for inclusive and sustainable growth.
EFI is composed of four Global Practices (GPs): Macroeconomics, Trade, and Investment (MTI) – consists of country economists and trade, financial and private development specialists that support structural reforms. Governance GP – consists of public sector, financial management and procurement specialists to support institutional and governance reforms and provide fiduciary support to all Bank operations. Poverty and Equity GP – consists of micro, labor, and development economists to build the evidence base, provide advice and operational support to ensure country policies and WBG interventions are inclusive.
The Finance, Competitiveness, and Innovation (FCI) GP is comprised of two directorates: The Finance directorate, and the Trade, Investment and Competitiveness (TIC) directorate. The GP aims to support client countries to create an enabling environment in which financial stability, efficiency and firm-level solutions are provided in an integrated way to crowd in the private sector, support the creation of markets, and accelerate equitable growth. The Finance Directorate provides analytical and advisory support to the international community to enact reforms that lead to deep, inclusive, efficient, and resilient financial systems. The Directorate is comprised of thematic teams focused on (i) Financial Stability and Integrity, (ii) Financial Inclusion and Infrastructure, (iii) Long term finance and (iv) Crisis and disaster risk finance. The Financial Stability & Integrity unit (EFNFS) in the FCI Global Practice works on a range of areas, including financial stability, bank regulation and supervision, bank resolution and crisis management, corporate governance, financial integrity, and asset recovery. Within EFNFS, the stability team assists national authorities to improve the prudential policy, legal, regulatory, supervisory, and institutional framework needed to achieve and sustain financial sector stability, engages with standard setters bringing in the perspectives of emerging markets and developing economies (EMDEs), and produces analytical work. The (global) stability team provides technical inputs (including as technical project leads) to region-led advisory/analytical operations and lending operations and conducts country-level diagnostics and knowledge work on regulation and supervision of deposit taking institutions, bank resolution and crisis management, and other aspects related to financial stability. It also manages the financial sector assessment programs (FSAPs), coordinates the World Bank engagement with the Financial Stability Board (FSB) and is the lead technical provider for assessments of compliance with the Basel Core Principles for effective banking supervision (BCPs).
Advisory work on climate- and nature-related financial risks and opportunities
Financial institutions are increasingly impacted by climate- and nature-related risks, presenting both investment opportunities and economic adjustment costs related to reaching global, regional, or national climate and nature-related goals, including the Paris Agreement and Kunming-Montreal Global Biodiversity Framework. Governments and regulators are reinforcing the financial sector's role in managing climate and nature-related risks and promoting capital for green development. Bodies such as the Financial Stability Board (FSB), the Network for Greening the Financial System (NGFS) and Basel Committee for Banking Supervision (BCBS) provide guidance for better risk management. Despite progress, there is a need to enhance financial regulators' capacity to integrate climate and nature considerations, especially in developing countries, which are often highly vulnerable to the impacts of climate change and nature loss.
The Financial Stability & Integrity unit supports EMDE countries in bolstering the stability of financial sectors concerning climate and nature risks, while at the same time improving the ability of financial sectors to mobilize capital for climate and nature objectives. The team offers technical assistance (TA) globally on assessing climate and nature risks and integrating them into financial sector regulation. Additionally, the team provides diagnostics on climate and nature risks, including recommendations for fostering green finance, often as part of the Financial Sector Assessment Program (FSAP) in coordination with the IMF. Technical tools, such as climate exposure analysis and stress testing, are designed to support TA. The team collaborates extensively with regional and other global World Bank and IFC teams, as well as international networks such as the NGFS, FSB, and financial sector standard setters.
Role & Responsibilities:
The World Bank seeks to recruit a staff member to lead and support the work on climate- and nature risks in EMDE financial sectors. This multifaceted role requires a candidate with expertise in financial risk analysis, and a deep understanding of climate and nature-related challenges in diverse economic contexts. Specific responsibilities will include:• Leading and conducting analyses of climate- and nature-related financial risks in World Bank client countries. Managing relationships with client countries and delivering high-quality risk analyses ranging from basic credit exposure assessments of physical and transition risks to complex climate and nature risk stress tests. • Lead project teams with diverse expertise in climate or nature, macro-economic, and financial modeling skills. Co-lead the design of standardized climate and nature risk stress test and risk analysis methodologies, models, and datasets tailored to the context of EMDEs.• Supporting EMDE financial sector authorities in formulating supervisory guidelines and methodology descriptions for climate and nature risk analysis by financial institutions. Align regulatory frameworks with emerging global standards, such as the Basel Committee’s Climate Risk Management Principles.• Independently or as a project lead, conducting climate diagnostics as part of the Financial Sector Assessment Program and the World Bank’s Country Climate and Development Reports (CCDR). Undertake missions to client countries, providing guidance to financial sector regulators and supervisors on managing climate and nature risks and opportunities and promoting the growth of green finance markets.• Supporting and leading engagements with external and internal stakeholders, including the FSB and the NGFS. Representing the Bank during relevant events. Coordinating with other WBG teams on relevant climate and nature risk developments and tools. • Preparing and reviewing reports, providing briefings to senior management on climate and nature risk analysis and supervision, and related green finance developments.
Selection Criteria
• Advanced degree (Master’s/PhD) in a relevant area, such as Finance, Economics, Econometrics, Business Administration, Mathematics, Climate Change, and Environmental Science or a related field.
• A minimum of 5 years of work experience in relevant areas, including exposure to the analysis of climate and nature risks for the financial sector. The candidate’s professional experience includes working for a financial sector authority (e.g., central bank, prudential regulator, supervisor, Ministry of Finance), an International Financial Institution, and/ or a financial institution or service provider.
• Experience in assessing climate and / or nature risks for the financial sector, including in designing climate physical and transition risk scenarios and financial sector modeling.
• Experience in performing general stress tests in a central bank, banking supervisory agency, international financial institutions or private financial institution is a plus.
• Strong skills in data-driven analytics and quantitative analysis, applied to support policy analysis, ideally showcased through a track record of policy or academic publications. Familiarity with at least one data science tool, such as Stata, MATLAB, Python, or R, is advantageous.
• Demonstrated interpersonal skills and experience in working effectively in large and multi-disciplinary teams of specialists.
• Strong project management skills, with the capacity to work simultaneously on a variety of issues and tasks, independently adjusting to priorities.
• Excellent written and oral communication skills in English, specifically in writing and editing briefs, reports, and preparing PowerPoint presentations. Demonstrated ability to advocate positions and defend difficult issues and positions orally and in writing to government officials, WB management, and others. Proficient knowledge of other relevant WB client country languages is a plus.
• Familiarity with World Bank operations is desirable.
• Flexibility and willingness to travel.
World Bank Group Core Competencies
The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.
We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
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This vacancy is archived.