Result of Service

Development of a project plan to offer an index insurance solution to protect the MSMEs borrowers of BRAC, Bangladesh that would be offered in conjunction with the MSME credit services offered by BRAC, Bangladesh. The project plan will be informed through qualitative inputs of the target MSMEs, assessing their risk financing needed with regards to resiliently meet their credit and other obligations in the face of a business disruption due to extreme weather events. The plan so developed will define the timelines and the resource requirements both financial and in terms of technical capacities and human resources. The consultant will also identify the capacity building requirements of BRAC and the local insurance industry towards the implementation of climate smart insurance solutions under consideration. The outcomes of the services will be to strengthen the UNEP FI’ V20 SIF’s implementation of its mandate to support the development of climate smart insurance projects for MSMEs and agribusinesses in a V20 market i.e. Nepal.

Work Location

Working remotely and Onsite in Dhaka, Bangladesh (up to 10 days)

Expected duration

4 months

Duties and Responsibilities

The United Nations Environment Programme (UNEP) is the leading global environmental authority that sets the global environmental agenda, promotes the coherent implementation of the environmental dimension of sustainable development within the United Nations system and serves as an authoritative advocate for the global environment. The overall objective of the UNEP’s Economy Division is to encourage decision makers in government, local authorities and industry to develop and adopt policies, strategies and practices and technologies that promote sustainable patterns of consumption and production, make efficient use of natural resources, ensure safe management of chemicals and contribute to making trade and environment policies mutually supportive. It promotes the development, use and transfer of policies, technologies, economic instruments, managerial practices and other tools that assist in environmentally sound decision making and the building of corresponding activities. The United Nations Environment Programme Finance Initiative (UNEP FI) is the strategic partnership between the United Nations and over 300 banks, insurers and investors. For over 28 years UNEP FI has been shaping and driving the international sustainable finance agenda, setting global standards and growing a global network of leading financial institutions. Through its work-streams and regional activities, peer learning, methodology development, training and research, UNEP FI promotes sustainable finance and helps the financial industry align with and contribute to the Paris Agreement and Sustainable Development Goals. The V20 led Sustainable Insurance Facility (SIF) is a project pipeline development facility, convened under the Principles for Sustainable Insurance initiative (PSI) to assist the Vulnerable 20 (V20) membership in scoping the financial protection needs of Micro, Small and Medium enterprises (MSMEs) in the context of climate change and facilitate project concept note and proposal development under the leadership of the V20 Finance ministries. The SIF builds on the demand expressed by the V20 Risk Focus Group during the V20 Asia-Pacific Regional Meetings at the Asian Development Bank in Manila in 2017. The SIF is operationalized through the SIF Project Office hosted by the UN Environment Programme’s Principles for Sustainable Insurance (PSI) supported through the Munich Climate Insurance Initiative (MCII), and operate under the guidance of the V20. The work of the Office is included in the V20 Work Plan and currently funded by the German Federal Ministry for Economic Cooperation and Development (BMZ). Hosted by PSI, the SIF Secretariat team builds on PSI’s positioning as a global convener to fulfil the core mandate of the SIF, which is developing country demand-driven proposals and functioning as an impartial matchmaker to link implementation demand and supply. The PSI’s global convening power and industry networks supports the SIF in building regional and local insurance capacities. Moreover, the SIF secretariat leverages the PSI network to identify and realize collaborative potentials between the global and local industry and integrate PSI’s expertise on insurance industry perspectives on climate resilience and low carbon growth. Hosted in PSI, the SIF is also well-positioned to promote the V20’s sustainable insurance interests on a global level, including through the InsuResilience Global Partnership, the Insurance Development Forum, the Task Force on Climate Related Financial Disclosure and the Sustainable Development Goals. Under the direction and supervision of the PSI Programme Leader, the Consultant will support the development of a project plan for a climate risk coverage for credit for MSME customers of BRAC, Bangladesh in accordance with V20 SIF’s mandate to develop a pipeline of climate smart insurance solutions for MSMEs and agribusinesses in V20 Markets. In doing so, the Consultant will also liaise with the wider V20 SIF/PSI/UNEP FI team and BRAC Bangladesh’s insurance and MSMEs teams, particularly the PSI Programme Supervisor, V20 SIF global coordinator and the V20 SIF coordinator for Asia-Pacific. As risk managers, insurers and investors, the insurance industry is uniquely positioned to promote economic, social and environmental sustainability—in other words, sustainable development. Objectives and outputs expectations: • Kick off calls with V20 SIF and BRAC, Bangladesh teams to align expectation on deliverables, establish timelines and identify key informants to be engaged for the project. • Undertake a desktop review of existing weather and climate risk mitigation solutions for MSMEs in Bangladesh, including climate risk insurance, contingent credit like services etc. including the policy and regulatory environment for such solutions. Also, undertake a high level assessment of BRAC level climate risk mitigation efforts. • Undertake in 4 to 6 Focussed Group Discussions with MSME borrowers of BRAC, to assess their risk financing needs in the face of extreme weather event caused business interruption, especially around keeping abreast with credit repayment obligations. • In-person engagements with the key personnel at BRAC, Bangladesh, its insurance partner(s) to review capacities and gaps in implementing the proposed solution. • Coordinate a stakeholders workshop to present findings from the steps above and a high level outline of the proposed Project plan (including timelines and resource requirements) for feedback • Draft the final project report and project plan and seek feedback from V20 SIF and BRAC, Bangladesh for finalization. Specific tasks and responsibilities: Tasks: – Undertake two project two kick-off calls with V20 SIF and BRAC, Bangladesh on discussing and reviewing the proposed V20 SIF-Project project on climate risk insurance against business disruption in Bangladesh, aligning expectations and timelines as well as identifying key informants for the project. – Desktop review of existing weather and climate risk mitigation solutions for MSMEs in Bangladesh, including climate risk insurance, contingent credit like services etc. including the policy and regulatory environment for such solutions. Also, undertake a high level assessment of BRAC level climate risk mitigation efforts. – Undertake 4 to 6 FGDs with target MSMEs, on-site, as identified and facilitated by BRAC, Bangladesh. – Remote and On-site engagements BRAC, Bangladesh’s MSMEs and insurance teams and their insurance partner(s). – Draft a high level project plan based on insights gained during the efforts listed above. – Coordinate a on-site workshop (to be hosted by BRAC, Bangladesh) to present the key findings of the efforts listed above and also present the project plan for feedback from local stakeholders and V20 SIF. – Draft a final project report , inclusive of the final project plan (detailing timelines, resources needed. Capacity building required etc.) and get sign off from BRAC, Bangladesh and V20 SIF. The consultant shall be under the overall supervision of 4Head of UNEP FI and report directly to Team lead UNEP PSI and will work closely with the global coordinator, V20 SIF and the Asia-Pacific coordinator, V20 SIF as well as personnel from BRAC, Bangladesh.

Qualifications/special skills

Academic background • A master’s degree in business administration; Management; Marketing; Economics; Livelihoods and Employment; Gender Studies; Social Development, or any related field. A First degree could be taken in lieu of advanced degree provided the selected candidate has 12 years of relevant experience. Experience • At least 10 years of experience in working on inclusive insurance/climate smart insurance/MSME oriented insurance solutions and related projects.

Languages

Languages • Full proficiency in English, proficiency in Bangla is an advantage.

Additional Information

Skills & knowledge – • 10 years of experience in working on inclusive insurance/climate smart insurance/MSME oriented insurance solutions. • Understanding of MSME credit and finance in the context of emerging markets is desirable. • Demonstrable proficiency in project plan development capacities especially for inclusive insurance interventions including those against climate risks. • Desirable experience in facilitating meso and macro level interventions inclusive finance and/or inclusive insurance space, feasibility studies, entrepreneurship, green economy, circular economy, environmental engineering, resource management and related disciplines. • A clear description of the Individual Consultant’s ability and track history in supporting the design and deliver a clear, structured, and comprehensive project plan.

No Fee

THE UNITED NATIONS DOES NOT CHARGE A FEE AT ANY STAGE OF THE RECRUITMENT PROCESS (APPLICATION, INTERVIEW MEETING, PROCESSING, OR TRAINING). THE UNITED NATIONS DOES NOT CONCERN ITSELF WITH INFORMATION ON APPLICANTS’ BANK ACCOUNTS.