The Green Investment Officer works with GGGI Caribbean team and GGGI Regional Investment Lead to support investment related activities of the technical assistance program, including structuring the business case of the Saint Lucia Green Affordable Housing project (among others), delivering technical assistance to the Department of Finance on green bond and debt for climate swap operations, developing investment documentation and funding proposals, and presenting these to investors, including multilateral development banks and climate funds, including the Green Climate Fund.
This position reports to the GGGI Regional Investment Lead for LAC and the Caribbean Program Representative
BACKGROUND AND OBJECTIVE
Saint Lucia relies heavily on grant funding and concessionary loans from development partners to finance its development and climate change objectives. The achievement of Saint Lucia’s Nationally Determined Contribution (NDC) targets is conditional on external financing. Although international climate finance and ODA offer some relief to Saint Lucia’s growing debt to GDP ratio, the decreasing level of international aid undermines the long-term sustainability of this approach, with Saint Lucia´s net ODA decreasing by 39% between 2015 and 2018. Consequently, the GoSL is pursuing efforts to diversify the country donor engagement, access under-utilized climate funds and develop new and innovative finance mechanisms to de-risk mitigation projects to attract private sector investments.
Saint Lucia’s GDP contracted 16.9 percent in 2020, this is expected to be followed by a rapid recovery in 2021 with expected real GDP growth of 7.2 percent. Saint Lucia’s fiscal constraints prevents it from meeting the financing needs of mitigation and adaptation actions identified in its NDC, which amount to US$ 241 million (EC$651 million), or 14 percent of FY2016 GDP between 2017 and 2030, equivalent to 1.1 percent of GDP per year.
Given the above, the Government of Saint Lucia has developed a Private Sector Engagement Strategy and NDC Financing Strategy to develop an enabling environment for private sector investments, with the goal of having the private sector contribute an estimated US$ 218 million in mitigation investments by 2030 (that is 90% of the total).
GGGI technical assistance program supports these efforts by:
Supporting Saint Lucia’s capital market’s readiness assessment for a sovereign green bond issuance and debt for climate swap transaction to raise long-term funds earmarked to climate change adaptation and mitigation projects.
Providing technical assistance to local financial institutions to integrate environmental and social standards into their processes, procedures, and instruments in order to increase the availability of green finance for private-sector led climate change adaptation and mitigation projects.
Increasing the Government of Saint Lucia’s institutional capacity to design and structure Public-Private Partnerships.
Advancing the development of a PPP flagship project: Saint Lucia Green Affordable Housing project.
 https://www.oecd.org/countries/saintlucia/aid-at-a-glance.htm  https://www.imf.org/en/Countries/LCA  https://www4.unfccc.int/sites/ndcstaging/PublishedDocuments/Saint%20Lucia%20First/Saint%20Lucia%27s%20INDC%2018th%20November%202015.pdf PURPOSE
Support Saint Lucia’s capital market’s readiness assessment for a sovereign green bond issuance
Strengthen the Government of Saint Lucia’s systems and capacity to raise long-term funds earmarked to climate change adaptation and mitigation projects via innovative finance instruments.
Support local financial institutions to integrate environmental and social standards into their processes, procedures, and instruments in order to increase the availability of green finance for private-sector led climate change adaptation and mitigation projects.
Support the Government of Saint Lucia’s to integrate environmental, social and climate change considerations into Public-Private Partnerships.
Support the development of GCF Concept Notes and Funding Proposals, including the advancing the flagship project: Saint Lucia Green Affordable Housing.
Conduct financial modeling and pre-feasibility of selected investment projects.
Prepare complete investment documentation for identified projects with the team, including investment briefs, presentations, financial models, teasers, scenario analysis for potential public and private investors.
Identify and engage with relevant public and private sector stakeholders in defining the use of proceeds, process for projects selection, management of proceeds and reporting commitments of a possible green bond issuance
Assist Saint Lucia Development Bank in the identification and engagement with key project stakeholders involved in the Saint Lucia Green Affordable Housing project, including the GCF, NDA and Direct Access Entities.
Engage with investors and financial institutions in the development of projects to ensure the projects adequately represent in their vision, interest, criteria and priorities.
Assist and coordinate the investment work with the GGGI Regional Investment Lead for LAC and the Caribbean Program Representative.
Provide technical advice to government counterparts on green finance instruments and green investment projects.
Develop and maintain engagement with Department of Finance representatives on Saint Lucia Debt for Climate Swap transaction.
Develop and maintain engagement with the Bankers Association of Saint Lucia.
DELIVERY In this role, the Green Investment Officer shall:
Collect best practices on Green Bond Sovereign issuances, development of case studies and delivery of presentations to the projects’ primary beneficiaries
Support the definition of environmental, social and climate objectives for Saint Lucia’s Green Bond issuance
Support the development of the process and methodology for identifying, prioritizing and selecting eligible green projects
Develop and disseminate capacity development and knowledge sharing products such as insight briefs and toolkits in the field of green bonds
Support the development of Debt for Climate Swap awareness raising documents and presentations
Support the review and assessment of Saint Lucia debt and public finance policy
Support the assessment of demand, supply, customers, pricing, availability, technical characteristics, legal and regulatory framework of green housing in Saint Lucia
Support the identification and assessment of socio-economic characteristics of the Green Affordable Housing’s primary beneficiaries (i.e. homeowners) at high risk of being affected by the impacts of climate change
Support the development of basic planning, technical and engineering reports of the Green Affordable Housing project in close consultation with Saint Lucia Development Bank and other GGGI staff
Define and design the Green Affordable Housing financing and credit mechanisms to make the housing units affordable and accessible to the targeted population
A Bachelor’s degree in business administration, finance, economics or related field
Preferably 5-7 years of experience in sustainable finance and bankable project development
A proven track-record of sourcing, structuring, and closing climate change mitigation and or adaptation investments
Strong financial and credit skills; demonstrated ability to structure a variety of financial instruments (debt and equity) *
Experience and familiarity with sustainable banking initiatives and standards
Verbal and written fluency in English
Knowledge of a second language, preferably French or Spanish, is an asset
Prior experience working in Caribbean countries including Saint Lucia is an asset
Prior experience working with the Saint Lucia Development Bank and/or the Department of Finance of the Government of Saint Lucia is a strong asset
The assessment process includes an excel-based financial modeling exercise
Experience in identifying, originating and qualifying new business opportunities developing and executing results-driven client engagements.
Demonstrated strong written, presentation, and communications skills in English and ability to synthesize and present information effectively and tailored to different audiences
Business development and client relationship skills, track record and ability to focus on clients needs effectively
Ability to interact directly and independently with the senior management of potential clients, of financial and technical partners as well as senior government officials
Experience in at least one of the following areas: renewable energy, energy efficiency and urban infrastructure financing
Experience with project finance, private or public sector projects, and/or in PPP transactions is a bonus.
Understand and actively supports GGGI's mission, vision and values.
Promote the optimum use of public resources
Promote an organizational culture of trust, transparency, respect and partnership.
Process and share information easily.
Manage emotions and stress positively, builds rapport and resolves conflict easily.
Promote creativity and innovation among staff.
Be able to take initiative where needed and provide solutions to project-level challenges
Highly motivated, committed to highest ethical standards
Genuine commitment to sustainable development
The Green Investment Officer is an X8 grade level in GGGI’s Saint Lucia salary scale. For X8 Saint Lucia grade, the base salary starts from USD 36,113 to USD 51,189. Determination of base salary is subject to candidate's experience, academic background and internal equity .The initial appointment is until 1 April 2023. GGGI provides 13% of base salary towards retirement plan/long-term savings, 27 days of annual leave, and private health insurance that covers dental and vision.
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.
Deadline for receipt of applications is Jan 31st, 2022.