International Consultant PAGE Morocco Finance and Climate Risk

Result of Service

The consultant’s services will result in the development of a methodological and institutional framework for integrating climate risk assessment and management into national investment and financing processes, in line with Morocco’s climate and sustainable development objectives. This will include a diagnostic study and review of international and national best practices and lessons learned relevant to Morocco’s financial ecosystem, a report proposing practical approaches for integrating climate risks into investment evaluation, and the design and delivery of training sessions for government and financial institution representatives. The methodology will be tested through a pilot application with the Mohammed VI Fund for Investment (FM6I), serving as a demonstration case for future replication across other national financial entities. The international consultant will work in close collaboration with a national consultant, also recruited by UNEP, to ensure alignment with national policies and institutions throughout the mission. The consultant’s work will contribute to the implementation of PAGE in Morocco and support UNEP’s “Nature”, “Biodiversity”, and “Finance and Economic Transformation” programmes by strengthening the enabling environment for green and climate-resilient finance.

Work Location

Remote

Expected duration

5 months

Duties and Responsibilities

UNEP is the voice of the environment within the United Nations system. UNEP acts as a catalyst, advocate, educator and facilitator to promote the sound use of the environment and sustainable development. Located within the Industry and Economy Division, the Economics and Finance Branch examines how the economy, trade and finance interact with the environment and contribute to sustainable development at the local, national, regional and global levels. Based in Geneva, the Division leads the Green Economy Initiative to help countries integrate environmental considerations into their economic and trade policies. The Economic and Fiscal Policy Unit (EFPU), under the Economics and Finance Branch of UNEP’s Industry and Economy Division, supports countries in advancing sustainable finance frameworks and economic policy reforms aligned with climate, nature, and pollution objectives. Under the Partnership for Action on Green Economy (PAGE), UNEP provides technical assistance to governments to strengthen green fiscal policy, sustainable finance instruments, and enabling frameworks for economic transformation. The objective of this assignment is to support the Government of Morocco in developing a systematic approach for assessing and managing climate risks within national investment and financing strategies, starting with the Mohammed VI Fund for Investment (FM6I) as a pilot case. The international consultant will provide scientific, analytical and international benchmarking support to the project to generate actionable evidence and tools to strengthen Morocco’s capacity to integrate climate risks into investment decisions. In particular, the project’s objectives include: • Develop a methodological framework for the systematic assessment of the two dimensions of climate risks, including a modelling methodology and monitoring indicators • Formulate recommendations to integrate climate considerations into investment processes • Strengthen the Fund's internal capacity in climate risk analysis • In the long term, position the FM6I as a potential actor for accreditation to the UNFCCC financial mechanism: GCF (Green Climate Fund) and the Adaptation Fund (AF). The Government of Morocco is committed to integrating climate risks into financial decision-making as part of its broader transition to a green and resilient economy. This initiative, implemented under the PAGE framework, contributes to national efforts to align investment practices with Morocco’s sustainable development and climate objectives. Within this framework, the Mohammed VI Fund for Investment (FM6I) serves as a pilot institution for testing approaches to climate risk integration. Established in 2020 under the guidance of His Majesty King Mohammed VI, with an initial capital of 15 billion dirhams, the Fund is a state-owned investment vehicle that supports Morocco’s economic transformation through public–private partnerships and targeted equity investments. The lessons drawn from the pilot with FM6I will provide valuable insights for strengthening Morocco’s financial ecosystem and informing government-led initiatives to mobilize green and climate-resilient finance. At the government’s request, this assignment will support efforts led by the Ministry of Energy Transition and Sustainable Development (MTEDD), in collaboration with the Ministry of Economy and Finance (MEF), to develop a methodological and institutional approach for integrating climate risk management into investment evaluation processes across the national financial system. The Mohammed VI Fund for Investment (FM6I) will serve as a pilot institution for testing this approach, given its strategic importance and ongoing work on environmental, social, and governance (ESG) integration. This work will build on existing progress. FM6I has already implemented an ESG strategy aligned with international standards, including the IFC Performance Standards and Principles for Responsible Investment (PRI), and has operationalized environmental and social risk management systems for its direct investments and its “CapAccess” subordinated debt product. However, the explicit integration of climate-related risks remains an area for further development. The Partnership for Action on a Green Economy (PAGE), launched in 2013 following the Rio+20 call, aims to support countries towards greener and more inclusive growth pathways. It brings together the expertise of five UN agencies – the International Labour Organization (ILO), the United Nations Industrial Development Organization (UNIDO), the United Nations Institute for Training and Research (UNITAR), the United Nations Development Programme (UNDP), and the United Nations Environment Programme (UNEP) – to help nations integrate sustainability into their economic policies, promote growth, reduce poverty and inequality, create jobs, and strengthen the ecological foundations of their economies, in line with the UN's 2030 Sustainable Development Goals. Through PAGE, UNEP will support the Government of Morocco in strengthening national capacities to assess, manage, and disclose climate risks across financial institutions. The experience gained with FM6I will serve as a practical demonstration that can inform broader policy and institutional reforms to enhance climate resilience within Morocco’s finance ecosystem. Morocco joined PAGE in 2020, identifying the mobilization of finance for a green and inclusive economy as a key national priority. This initiative directly contributes to that priority by advancing tools, evidence, and institutional capacities to redirect existing resources toward the green economy. The initiative will focus on two complementary dimensions: •On the one hand, the aggravation risks posed by investment projects on the climate and on Morocco's ability to mitigate and adapt to climate change and align with the objectives of the Paris Agreement (greenhouse gas emissions, changes in land use and cover, water use, etc.); •On the other hand, the risks posed by climate change on the viability and profitability of investment projects, which makes it possible to assess the resilience of financed economic activities to climate change as well as their adaptation needs. Implementing a systematic climate risk assessment framework requires a thorough understanding of the different dimensions of climate risk and their potential impacts on investment portfolios. This includes the analysis of physical risks, such as extreme weather events (droughts, floods) and long-term climate trends, including loss and damage related to climate change; and transition risks, related to regulatory changes, technological changes and market responses to climate change, including carbon non-compliance risks (e.g. EU Carbon Border Adjustment Mechanism), in order to avoid the creation of stranded assets. This framework should incorporate qualitative and quantitative assessment tools, allowing FM6I investment teams to assess climate risks across different asset classes and investment horizons. This comprehensive approach will help identify vulnerable investments and climate-resilient portfolio construction opportunities. Specific tasks and responsibilities •A review of good practices and lessons learned at the international level relevant to the integration of climate risks by the Government of Morocco and specifically by FM6I. The diagnostic study will explore the relevance of integrating into the methodology the notion of loss and damage associated with climate change already felt. •Review of the draft diagnostic study and good practices and lessons learned at the national level prepared by the national consultant (modifications and comments). •A methodology for systematically assessing and managing the different dimensions of climate risks in the FM6I investment portfolio, directly applicable to strengthen its ESG strategy. In line with the recommendations of the PRI, this methodology may address the following points (to be adjusted at the inception meeting) •Organize, in collaboration with the national consultant, the training for FM6I staff on the subject of climate risk integration.

Qualifications/special skills

-Master's degree or higher in finance, economics, social and environmental corporate responsibility, climate science, or related field. (required) -In-depth knowledge of climate risk assessment and climate finance mechanisms is required. (required) -Professional experience in producing relevant analysis for the financial sector, and particularly for institutional investors. (desired) -Experience in working with governments or public financial institutions on sustainable finance, climate risk, or ESG frameworks. (desired) -Experience in the design and delivery of customized training and advice on the topic of climate risks. (desired) -Ability to translate technical financial and climate risk analysis into policy-relevant recommendations for public institutions. (desired) -Strong analytical and research skills, with the ability to synthesize complex information and generate actionable insights. (desired) -A commitment to the principles and goals of sustainable development. (desired)

Languages

-English and French are the working languages of the United Nations Secretariat. Arabic and Moroccan Berber are the official languages of the Kingdom of Morocco. For the position advertised, fluency in English, both oral and written is required. Knowledge of French (desired) and Arabic (desired) is considered an asset.

Additional Information

Not available.

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.