World Wildlife Fund, Inc. (WWF) and the Global Environment Facility (GEF) require a terminal evaluation (TE) for all full and medium-sized projects. The following terms of reference (TOR) set out the expectations for the TE for the project “Establishing the Taskforce on Nature-related Financial Disclosures (TNFD)”, hereafter referred to as the “Project”. The technical consultant(s) selected to conduct this evaluation will be referred to as “evaluator” throughout this TOR.

The Project seeks to support the establishment of a Taskforce on Nature-related Financial Disclosures (TNFD) to develop and disseminate a global framework for corporates and financial institutions to assess, manage and report on their dependencies and impacts on nature. The TNFD will address threats to the health and value of natural capital derived from the conduct of corporate activities that do not adequately consider the financial materiality and impacts of biodiversity loss. Initiatives such as TNFD will enable governments to better integrate knowledge of nature risk of those financial flows within their national policies and make the relevant strategic plans more effective in responding to emerging country priorities. A common, credible, and widely supported TNFD recommendations framework for reporting on nature-related risks and impacts can pave the way for companies and Financial Institutions (FIs) to better identify and address them in their supply chains and portfolios.

The Project was organized into the following components and outcomes:

Component 1: Build and catalyze the TNFD Network

• 1: Catalyzing support for TNFD and hand-over to TNFD Secretariat.

Component 2: Build and test the TNFD Framework

• 1: Increased understanding in the financial and corporate sector of nature-related risk and how to identify impacts and dependencies on nature.
• 2: A draft framework for companies to report to investors on their nature related risks, refined and agreed upon through a testing process.

Component 3: TNFD Framework consultation and dissemination of recommendations

• 1: Verification and broad support for the TNFD framework from FIs, companies, regulators and their stakeholders.
• 2 Increased awareness of nature-related impacts and financial risks among companies and financial institutions

Component 4: Knowledge management and M&E

• 1 Increased uptake of TNFD knowledge and communication amongst stakeholders
• 2: Monitoring and evaluation system in place to aid with adaptive management

For more information on the project please see: https://www.worldwildlife.org/projects/establishing-the-taskforce-on-nature-related-financial-disclosures

Scope and Objectives of The Evaluation

WWF is seeking an independent consultant to undertake a Terminal Evaluation of the GEF-financed Project. The objectives of this evaluation are to examine the extent, magnitude and sustainability of any project impacts to date; identify concerns as well as best practices; assess progress towards project outcomes and outputs; assess implementation/execution monitoring and evaluation, stakeholder engagement, gender, knowledge management, etc.; and draw lessons learned that can both improve the sustainability of benefits from this project and aid in the enhancement of future related projects. The evaluator is expected to frame the evaluation effort using the seven (7) core criteria of relevance, coherence, effectiveness, efficiency, results/impact, sustainability and adaptive capacity. Particular emphasis will be placed on effectiveness, efficiency, results/impact and sustainability. See Annexes A – D for definitions of these criteria, additional assessment areas and ratings, and a sample report outline.

POSITION DETAILS

• Location of Consultant: Remote/virtual
• Reporting To: Amelia Kissick, Technical Director for Consultancy
• Preferred Timeframe of Consultancy: January to March 2025
• Period To Be Evaluated: 5/17/21 – time of contract
• Maximum Budget Available: $27,000

PROJECT DATA

• Project/Program Title: Establishing the Taskforce on Nature-related Financial Disclosures (TNFD)
• GEF Project ID: 10755
• Implementing Agency: WWF-GEF
• Executing Agency: UNEP Finance Initiative (UNEP FI)
• Executing Partner: Global Canopy, World Conservation Monitoring Centre (WCMC)
• Countries: Global
• Focal Area: Biodiversity
• GEF Operational Program: GEF 7
• Total GEF Approved Budget: $1,698,829
• Total Co-financing Committed: $ 4,312,858

RELEVANT DATES

CEO Endorsement/Approval: 5/17/2021

Agency Approval Date : 3/25/2022

Implementation Start: 4/1/2022

Midterm Evaluation Completion Date: 12/19/2023

Review period: 5/17/21 – time of contract

Project Completion Date: 12/31/2024

Evaluation Approach and Method

The evaluation will adhere to the guidance, rules and procedures established by WWF[1] and the GEF Terminal Evaluation[2] and Ethical Guidelines.[3] The evaluation must provide evidence‐based information that is independent, participatory, transparent, and ethical. The evaluator must be unbiased and free of any conflicts of interest with the project. The evaluator is expected to reflect all stakeholder views and follow a participatory and consultative approach. There should be close engagement with WWF GEF Implementing Agency (IA), the Executing Agency/ project management unit (PMU), the TNFD Secretariat, Global Canopy, the World Conservation Monitoring Centre (WCMC) and project / government counterparts, the GEF operational focal point, partners and beneficiarieskey stakeholders. Contact information will be provided. The Evaluation process will include the following, with deliverables marked by “*”[4]:

1. Desk review including, but not limited to:

• Project Document and CEO Endorsement Letter;
• Project grant agreements including the grant agreement between WWF GEF Agency and UNEP and Small-Scale Funding Agreements (SSFA) and its amendments between UNEP FI with WCMC and Global Canopy and individual consultants’ contracts with Bankers Without Boundaries (BwB);
• Relevant safeguards documents, including WWF GEF Agency Categorization and Compliance memo, Stakeholder Engagement Plan and Gender Action Plan
• Annual Work Plans (AWP) and Budgets and the Results Framework for project Year 1 – 3;
• Project Progress Reports (PPR) including Results Framework and AWP Tracking; Risk registry; events and publications tracker, Project Closeout Report;
• TNFD Technical workplan;
• GEF Agency reports, including Project Implementation Reports (PIRs) and Project Support Mission Reports (PrISM);
• Relevant financial documents, including Quarterly Financial Reports (QFR); project cash flow; co-financing monitoring tables and co-financing commitment and reporting letters from the partners;
• Meeting minutes of the Project Steering Committee (PSC) and other relevant virtual meetings with the WWF- GEF Agency and extended team;
• All publications and knowledge management products by the project:

• UNEP FI led pilots in support of the TNFD – Initial materials
• TNFD monthly factsheets (UNEP FI internal)
• UNEP FI led pilots in support of the TNFD – Technical guidance note
• Article publication “One small step for finance, one giant leap for nature”
• Article publication “Nature-positive targets: What can financial institutions learn from their work on climate change?”
• UNEP FI news article on release of the beta v0.1
• UNEP FI news article on release of the beta v0.2
• UNEP FI article titled Nature risk – no longer ‘if’, but ‘how’ and ‘where’
• TNFD Financial Market Readiness Assessment
• Article by Romie Goedicke on Overview of existing nature-based initiatives “Catch me if you can!”
• COP 15 – A turning point for nature and the insurance sector
• What’s next for financial institutions and nature-related risk?
• The Global Biodiversity Framework – what’s next for financial policy and regulation?
• Unboxing Nature-related Risks
  Insights from the UNEP FI-led TNFD Piloting Programme
• Unboxing Nature-related Risks: Complementary report on main findings from sector and geographical pilot groups

• Other relevant documents provided by the Executing Agency and partners:

• Interim progress reports by the partners, WCMC and Global Canopy;
• Monthly update for PSC chair;
• TORs of the PMU members.

1. Kickoff and Inception meetings to gather input from select project stakeholders on evaluation approach, priorities, to agree on methodology, and to inform the inception report;
2. Inception report (Draft and Final) * that outlines evaluation methodology, including how ratings/findings will be assessed (indicators to be used, key questions), sample questionnaires, stakeholders, workplan, etc.
3. Site visits with PMU and project partners to field sites, as necessary and feasible;
4. Interviews, discussions and consultations with executing partners (Global Canopy, WCMC, TNFD Secretariat), the GEF Operational Focal Point (OFP), Project Steering Committee (PSC) members, beneficiaries, WWF-GEF Agency and extended team; Project Management Unit, and others;

1. Debrief and presentation* of initial findings to Executing partners and WWF-GEF extended team for feedback and final data collection. Feedback log requested to record responses to comments received;
2. Draft report* (70-page suggested limit excluding annexes) shared with WWF-GEF, PMU, PSC and others indicated for review and approval. Draft report shall include both a tracked changes and clean version of the report in English. A sample outline will be provided; and
3. Final TE report* (70-page suggested limit excluding annexes) that has addressed any inaccuracies, responded to requests for additional means of verification and taken into consideration any feedback. Report should be in English. The final deliverable package shall include a tracked changes and clean version of the report, a feedback log showing actions taken/responses to all reviewer comments, and include all data collected from the evaluation.

Expected Content of Report

The Terminal Evaluation report should include:

• Information on the evaluation process, including when the evaluation took place, sites visited, participants, key questions, summary of methodology and rating rubric, and feedback log showing how comments on draft were incorporated;
• Assessment of Relevance (project design/ theory of change) and Coherence;
• Assessment of Effectiveness, including review of project Results Framework and rating of project objective and outcomes (individual and overall);
• Validation of Core indicator measurements at project end;
• Assessment and ratings for Implementation and Execution, including assessment of governance structure and coordination;
• Assessment and rating of Risks to the Sustainability of project results;
• Assessment and ratings for Monitoring and Evaluation Design and Implementation;
• Assessment of knowledge management approach, activities and products, including list of key products;
• Assessment of replication, additionality and catalytic effects of the project;
• Assessment of Sstakeholder Eengagement Plan (SEP) and its implementation.
• Assessment of Gender Action Plan, gender-responsive measures and its mainstreaming into project activities;
• Assessment of the Grievance Redress Mechanism including its socialization with stakeholders and their understanding of how it operates and their confidence in it;
• Assessment of any environmental and social impacts generated by the project’s activities as well as its safeguards stipulations, which includes (a) a review of the assigned environmental and social risk category classification; and (b) a review of the progress made in the implementation of the mitigation measures outlined in the project’s relevant documents or otherwise utilized to manage risks.
• Assessment of Efficiency, financial management and summary of co-financing materialized;
• Summary table of key findings by core criteria and GEF ratings, including justification and/or indicators for their determination;
• Key lessons tied to identified findings or best practices;
  • Recommendations useful for project close and sustainability, and for other similar projects in order to improve on identified issues, replicate best practices or achieve stronger results.

[1] For additional information on evaluation methods adopted by WWF, see the WWF Evaluation Guidelines , published on our WWF Program Standards public website.

[2] For additional information on the GEF Terminal Evaluation Guidelines, see the GEF Terminal Evaluation Guidelines, published on the GEF Evaluation Office website.

[3] Please see the GEF Ethical Guidelines as published on GEF website.

[4] All deliverables should be sent directly to the Technical Director of the agreement who will determine whether the deliverable is satisfactory and ready for circulation.

Required Qualifications and Experience

• Master’s degree or equivalent in Development, Environmental Science, Economics, Public Policy, Social Sciences or other relevant field;
• Minimum 10 years of relevant professional experience;
• Technical knowledge in environmental economics, natural capital, risk management, financial regulation, market-led and multi-stakeholder initiatives like TNFD and UNEP-FI;
• Previous experience with evaluation methodologies;
• Excellent written and oral communication in English.

Preferred Qualifications and Experience

• Recent experience conducting evaluations (for GEF financed projects is an advantage);
• Knowledge of GEF monitoring and evaluation policies;
• Experience with WWF Project and Program Management Standards or Conservation Standards;
• Experience with social assessments, participatory techniques, and gender mainstreaming;
• Knowledge of participatory approach in biodiversity conservation and community based natural resource management;
• Experience with globally diverse, multi-stakeholder projects;
• Knowledge and experience in implementing or reviewing application of social and environmental safeguards policies in GEF (or similar) projects.

PROPOSAL PROCESS

Interested consultants are invited to submit a technical and financial proposal with their curriculum vitae, a relevant writing sample and three professional references that are approved to contact. Only complete proposals will be accepted. The financial proposal should include fee and reimbursable expenses, if applicable. The total budget shall not exceed USD $27,000. Individual, team or consulting firm proposals are welcome. Women and members of social minorities are encouraged to apply.

Interested consultants are requested to send their proposals to EvaluationsWWFGEF@wwfus.org by August 30, 2024. All questions about the requirements or process should be submitted to this e-mail address by August 23, 2024. Responses to frequent and submitted questions will be available to all interested consultants in Annex E of the following link: https://docs.google.com/document/d/1E7R6Wb-NM7MqdK5f-BKok44V91nPxa2o/edit?usp=sharing&ouid=101431196757707270045&rtpof=true&sd=true

The technical proposal and qualifications/experience of the individual or team will account for 90% of the weighted score of the proposal. The technical score will be based on how the proposal reflects an understanding of the work and adherence to the TOR and quality of the proposal (readability, depth/breadth and suitability of the methodology), as well as the degree to which the candidate meets desired and required qualifications/experience mentioned in the terms of reference above. The financial elements of the proposal will account for 10% of the weighted score of the application.

Once all proposals have been scored by the review committee, a shortlist of proposals will be determined, and the candidates notified. Shortlisted candidates will have their references contacted, proposal reviewed by project stakeholders and will participate in an interview. Shortlisted candidates who are not selected will be provided with information on relative strengths and weaknesses of their proposal, but specific scores and the identity of other candidates will not be shared.

The selection process will be in compliance with WWF and GEF requirements. Any questions or concerns about non-compliance or irregularities in the process can be raised through WWF’s mechanism for reporting concerns available here: https://wwfus.ethicspoint.com.

To see the full terms of reference complete with annexes, please visit: https://docs.google.com/document/d/1E7R6Wb-NM7MqdK5f-BKok44V91nPxa2o/edit?usp=sharing&ouid=101431196757707270045&rtpof=true&sd=true