UNEP Finance Initiative (UNEP FI) – Senior Policy Consultant for Chilean Taxonomy Implementation

Result of Service

UNEP FI requires the Senior Policy Consultant for the Chilean Taxonomy Implementation (Project Lead) to lead this technical guidance and to work in tandem with subject matter local expert (Sustainable Finance Regulation Expert for Chilean Taxonomy), and key stakeholders to fulfill the sustainable finance taxonomy project for Chile, which includes the following phases and objectives: Phase I: Preparing the Financial (Banking) Sector for the Implementation of the Chilean Taxonomy Testing, piloting, and evaluating the application of the Chilean Taxonomy in the portfolios and processes of banking institutions. Objective: A crucial milestone in the development of the Chilean Taxonomy is the implementation of a pilot phase before a full roll-out takes place. The overall goal of this phase is to test, pilot, and evaluate the practical application of the Taxonomy in the financial sector, with a focus on the banking sector. The pilot phase will enhance market readiness and strengthen capacities within the banking sector ahead of its mandatory implementation. Phase II: Developing a Roadmap for the Regulatory Adoption of the Chilean Taxonomy to Ensure Its Implementation in the Banking Sector Objective: For the Chilean Taxonomy to achieve its full potential, it is essential to link it with other components of the sustainable finance policy ecosystem—for example, a disclosure or labeling regime, whether for corporate financial disclosures, financial product disclosures, or both. In this regard, during the second phase, a specific roadmap will be developed to move toward a binding requirement for the Chilean Taxonomy, ensuring its proper implementation and alignment with local needs. Both phases must be carried out in coordination with financial regulators, specifically the Financial Market Commission (Comisión para el Mercado Financiero) and the Superintendency of Pensions (Superintendencia de Pensiones). The consultant to be hired must be a highly specialized expert who combines a solid background in the implementation of the European Union Taxonomy in the banking sector with a deep understanding of sustainable finance. The role is crucial for leading phase I of the project, which is centered on the pilot program, with the technical support on the ground of the national expert (Sustainable Finance Regulation Expert for Chilean Taxonomy) and for providing essential support and expertise to the Sustainable Finance Regulation Expert for Chilean Taxonomy in developing a national implementation roadmap (Phase II).

Work Location

Home-Based / Working Remotely

Expected duration

5 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 500 banks, insurers and investors. For over 32 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. Global policy and regulatory measures on sustainable finance have increased substantially over the recent years. Public policy critically affects the ability of finance institutions to generate sustainable positive and reduce negative impacts through financing decisions. It affects the sustainability and stability of financial markets, as well as social, environmental and economic systems. Sustainable finance policies have become central to enabling and accelerating a successful transition. Chile officially launched its Taxonomy of Environmentally Sustainable Economic Activities (T-MAS) in May 2025. This classification system, developed by the Ministry of Finance, aims to define and standardize which economic activities are considered sustainable and based on what criteria. The objective of the T-MAS is to guide financing flows, provide certainty to the market, and facilitate the identification of sustainable projects, thereby promoting a transition to a low-carbon economy and greater transparency in green finance. After the launch of the Chile’s Taxonomy and according to the fifth structural element of the Structure of the Chilean Taxonomy, the Ministry of Finance of Chile is committed to supporting the Taxonomy's implementation with measures that will both legitimize the tool and guide and enable its use by entities, aiming to serve as a reference for its eventual incorporation into the national legal framework. The Implementation Framework must ensure the future development of the Taxonomy is not rigid, recognizing that the development process of this tool is dynamic, and certain design elements may be subject to future updates, modifications, and adjustments. Considering the context above, UNEP FI, in collaboration with the European Union through the EUROCLIMA Programme, is seeking a highly qualified international expert to support the Ministry of Finance of Chile, the Commission for Financial Markets of Chile, and the Superintendence of Pensions of Chile in the Chilean Taxonomy’s implementation. We are looking for a Senior Policy Consultant for the Chilean Taxonomy Implementation. The candidate must have experience in sustainable finance, with proven expertise in the practical implementation of the European Union Taxonomy in the private sector, with a strong background in financial strategy or macroeconomic integrating climate and sustainability into the financial sector. The goal is to enhance market readiness and build capacity within the banking sector before the full implementation of the Chile’s Taxonomy (whether voluntary or mandatory) and to ensure the effective integration of the Chile’s Taxonomy into existing regulatory and supervisory frameworks in the banking sector. This role is crucial for ensuring that the Chile Taxonomy is fully implemented and effectively contribute to the project's objectives. The consultant will work remotely. Objectives Phase I: Preparing the Banking Sector for the Implementation of the Chilean Taxonomy – Testing, Piloting, and Evaluating the Application of the Chilean Taxonomy in the Portfolios and Processes of Banking Institutions Activity 1. Pilot and evaluate the implementation of the Chile’s Sustainable Finance Taxonomy to banking entities’ portfolios and processes The execution of the piloting phase of Chile’s Taxonomy will include the following sub-activities, which are not exhaustive and may be adapted to the national context as needed: Sub-activity 1: Test, pilot, and assess the Chile’s Taxonomy in the banks’ portfolios and processes Objective: Conduct pilots for implementing the Chilean Taxonomy in the credit portfolio up to six (6) banking entities. Deliverables: o Up to six (6) presentations with the assessment of how each bank in Chile incorporates green loan classification into operational management (baseline situation analysis). o A diagnosis summary with key findings based on phase 1 and 2 of the tasks (no more than 3 pages). Specific Tasks and Responsibilities The consultant will: o Phase 1. Initial assessment and data collection: the initial phase of the pilot involved conducting surveys and interviews to assess each bank’s sustainability management practices, environmental and social risk management frameworks, and governance structures for sustainability issues. Additionally, work with banks to identify a representative sample of green loans will be carried out for in-depth analysis. The composition and performance of each bank’s green loan portfolio, their alignment with the banks´ overall strategy and sustainability objectives, and their weight against the total portfolio will be assessed (quantitative and qualitative data). o Phase 2. Gap analysis: the processes defined within each banking entity for the management of green credits are analyzed (origination, labelling, monitoring and reporting, and closure), evaluating from an operational and technical perspective, the alignment of the credit with what is defined in the Taxonomy. This analysis is carried out based on information provided by the banks through surveys and/or process walkthroughs of the green credit granting process (qualitative and quantitative data). o Phase 3. Taxonomy application and testing: green credit products are categorized against the Taxonomy to identify alignment and gaps. o Create a detailed framework for assessing the alignment of individual loans with the taxonomy criteria. o Conduct 2 in-depth case studies per bank of selected green loans to understand the application of the Taxonomy in practice. o Identify challenges, gaps, and best practices for improvement. o Assess the effectiveness of the Taxonomy in guiding decision-making and improving the environmental performance of lending. o Develop a standardized reporting framework for financial institutions to report on their taxonomy-aligned activities. Consider aligning the reporting framework with existing sustainability reporting standards (e.g., TCFD/ISSB). o Together with the UNEP FI team, organize and coordinate periodic meetings with the pilot working group to present the progress, receive input, and share experiences during the piloting process. o Follow up at least one credit product per institution from the beginning to end to ensure that the technical conditions are aligned with the Taxonomy’s requirements, and ongoing monitoring is necessary to ensure compliance with these criteria throughout the project lifecycle. This follow-up will be subject to banks' availability and internal processes. Sub-activity 2: Reporting on piloting results and policy recommendations for implementation (gap analysis and action plan with recommendations) Objective: Identify challenges, gaps, opportunities, and best practices for improving the Chile’s Taxonomy´s application and scalability based on the piloting phase. Deliverables: i. One (1) report of no more than 30 pages with recommendations for the CMF and banking institutions to define the financial regulatory requirements and other actions to close the gaps for the implementation of the Chile’s Taxonomy in the banking sector (including a gap analysis and recommendations to close the gaps for the implementation of the Chile’s Taxonomy in the banking sector). This should contain a gap analysis and an action plan with high-level recommendations for improving taxonomy application and scalability by stakeholders (financial entities participating, financial regulators and supervisors, and the national finance industry associations). ii. One (1) presentation for the CMF summarizing the main findings of the pilot in the banking sector. Tasks: o Document the individual pilot findings (gaps, challenges, best practices, and opportunities). o Prepare a comprehensive report summarizing the findings of the pilot phase. o Analyze pilot data collected from banking institutions to identify key findings, common challenges, gaps, best practices and opportunities. o Categorize findings (e.g. strategic, operational, technical, and regulatory), highlighting common challenges, gaps, best practices and opportunities encountered by participating institutions. o Document good practices identified among the banks that could leverage effective application of taxonomy (opportunities). o Identify and document key gaps encountered by participating institutions. o Develop recommendations for reducing gaps and enhancing readiness. o Develop a comprehensive action plan outlining concrete steps to address identified gaps, including responsible parties, timelines, and required resources. o Document all findings, recommendations, and the action plan in a comprehensive report (description of challenges, opportunities, solutions, and actions for superintendencies and financial entities o Present initial results and case studies of the piloting exercise to each financial entity participating in the piloting phase and to the working groups established for the piloting phase. o Identify and compile a list of certifications, standards, or assessment mechanisms currently used by banks that could be further analyzed to assess their potential as reliable proxies. o Integrate feedback and finalize the reporting of the piloting phase. Sub-activity 3: Development of taxonomy implementation guidance document Objective: To empower banks and with the knowledge and tools necessary for effective implementation of the Chile’s Taxonomy. Deliverables: i. One (1) guidance document on the practical implementation of the Chile’s Taxonomy for the banking sector, including case studies and recommendations for further scale-up. This should contain at least: o Sector-specific guidance documents for banks, incorporating case studies, methodologies, tools, and recommendations for taxonomy application. A section summarizing findings and recommendations on interoperability with other relevant taxonomies (e.g., EU Taxonomy). Tasks: o Define the outline of the guidance document for the banking sector. o Collaborate with the working group established for the piloting phase of the banking sector to define the outline of the guidance document. o Identify key user needs and expectations for the guidance document. o Conduct research and analysis of previous taxonomy piloting processes in other jurisdictions to serve as references for developing the guidance . o Develop draft guidance documents for banks o Provide ongoing support and guidance to support banks through Q&A sessions. o Incorporate feedback from the working group. o Finalize the guidance document based on stakeholder feedback. Activity 2: Development and delivery of a dissemination and upskilling programme on the implementation of the Chile’s Taxonomy Objective: To disseminate the learnings and best practices from the pilot phase to a broader audience within the banking sector and presenting the guidance document on the implementation of the Chile’s Taxonomy to the banking sector. Deliverables: a detailed outline of the capacity building program’s structure and content, comprehensive materials developed, a record of participants, and any additional resources utilized during the programme. Tasks: o Design and deliver a tailored capacity building programme for a broader audience within the banking sector, building upon the insights and lessons learned from the pilot phase, aimed at strengthening market capacity for the implementation of the Taxonomy. o Facilitate peer-to-peer learning and knowledge exchange among participants. o Address any specific questions and concerns raised by participants during the programme. Phase II: Development of the roadmap for the regulatory adoption of Chile’s Taxonomy, with the goal of ensuring its implementation in the banking sector. Objectives: To support the regulatory adoption and private sector implementation of Chile’s Taxonomy by conducting a detailed analysis of regulatory frameworks, providing targeted recommendations, and developing a phased, actionable roadmap in coordination with regulators and stakeholders. Deliverables: One document that includes the roadmap for the regulatory adoption of Chile’s Taxonomy, with the goal of ensuring its implementation in the banking sector. o Comprehensive assessment report on regulatory applicability and integration pathways of the Chile’s Taxonomy in the banking sector o Review of existing regulatory and policy instruments. o High-level and targeted recommendations for regulatory inclusion. o Detailed implementation roadmap for the banking sector. o Records of stakeholder consultations and training sessions delivered to supervisory authorities and potential regulated entities. Activities and tasks: Activity 3. Assess the regulatory scope of how the Chilean Taxonomy should be applied to regulated entities, whether through hard or soft mechanisms. Tasks: o Analyze how the Chile’s Taxonomy can be applied to regulated entities through binding (hard law) and non-binding (soft law) mechanisms. o Identify potential gaps and opportunities for effective regulatory alignment. Activity 4. Conduct a comprehensive review of existing regulatory and financial/non-financial policy instruments that may be subject to modifications in order to incorporate the Chilean Taxonomy into current sustainable finance disclosure frameworks. In the absence of such a regime, recommend the design of relevant frameworks and instruments. Deliverable: A document providing a comprehensive review of existing regulatory and financial/non-financial policy instruments that may be subject to modifications in order to incorporate the Chilean Taxonomy into current sustainable finance disclosure frameworks. In the absence of such a regime, recommend the design of relevant frameworks and instruments. Tasks: o Conduct a comprehensive review of current financial and non-financial policy instruments. o Identify instruments that may require adjustments to incorporate the Chile’s Taxonomy. o Where no suitable instruments exist, recommend the development of appropriate frameworks. Activity 5. Provide high-level and specific recommendations on where and how to include the Chile’s Taxonomy within the financial regulatory framework. Deliverable: A document with a comprehensive assessment report on regulatory applicability and integration pathways of the Chile’s Taxonomy in the banking sector Tasks: o Develop specific and high-level recommendations on where and how the Chile´s Taxonomy should be embedded in the financial regulatory architecture. o Align recommendations with national sustainable finance goals and best international practices. o Promote interoperability of frameworks between countries, and, where relevant, facilitate the transfer of international methodologies and best practices, adapted to local context and capacities. Activity 6. Develop a roadmap for binding implementation in the private sector, including timelines, phases, and guidelines, in coordination with regulators. Key aspects will be addressed to ensure an orderly and effective transition toward the application of the Chile’s Taxonomy in the private sector. Deliverable: Preliminary document of the roadmap for the regulatory adoption of Chile’s Taxonomy with the goal of ensuring its implementation in the banking sector to be revised by national stakeholders Tasks: o Design a phased, binding implementation plan for the private sector, including suggested timelines and guidelines. o Coordinate with regulators to ensure alignment and smooth transition. o Address key elements necessary for an orderly and effective adoption of the Chile’s Taxonomy. Activity 7. Present to supervisory authorities and offer support in promoting the framework and the implementation aspects of the Chile’s Taxonomy in the private sector, through a training program for regulators and potential regulated entities. Deliverable: A document of the roadmap for the regulatory adoption of Chile’s Taxonomy with the goal of ensuring its implementation in the banking sector revised by national stakeholders Tasks: o Present the regulatory integration strategy and roadmap to supervisory authorities. o Conduct training sessions and workshops for regulators and potential regulated entities. o Provide technical support for the promotion and implementation of the Chile’s Taxonomy in the private sector. The consultant will report to: Overall supervisor: Head of UNEP FI. Direct Supervisors: Programme Management Officer for LAC

Qualifications/special skills

Education: A master’s Degree in the following areas: Environmental Management, Engineering, sciences, law, economics, business administration, international relations or finance studies is required. A bachelor’s degree could be taken in lieu of master’s degree provided the selected candidate has 10 years of relevant experience. Professional experience: At least eight (8) years of professional experience and expertise in sustainable finance, with special focus on the European Union sustainable finance policy frameworks, is required.

Languages

Languages: English is the working language of UNEP FI. Fluency in English is required. Knowledge of Spanish and other United Nations languages is an asset.

Additional Information

Special skills/Knowledge: • Eight (8) years of professional experience and expertise in sustainable finance, with special focus on the European Union sustainable finance policy frameworks, is required. • Three (3) years of working experience in the analysis and formulation of financial strategies and/or macroeconomic policies, is desirable. • Demonstrated hands-on experience in implementing the EU Taxonomy or similar initiatives within financial institutions’ portfolios and processes or similar actions in other business areas is desirable. • Experience in engaging with and providing guidance to financial regulators and supervisory bodies or other relevant regulators on the practicalities of the EU Taxonomy implementation or similar initiatives, is desirable • Strong familiarity with sustainable finance regulatory frameworks and an understanding of how taxonomies can be linked to national disclosure or labeling regimes is desirable. • Knowledge of sustainability disclosure regimes is an asset. • Exceptional analytical and reporting skills, with the ability to conduct in-depth assessments of banking processes and portfolios or real economy business models against sustainability criteria or climate performance models. The candidate must be skilled in performing gap analyses, identifying best practices, and formulating concrete policy recommendations is desirable. • Proven ability to lead complex projects, from conception to delivery, including defining project governance, managing diverse stakeholders, and overseeing project teams, is desirable. • Outstanding communication skills, with the ability to clearly articulate complex technical information to a variety of audiences, from senior bankers to regulators, is desirable. • A track record of designing and delivering tailored capacity-building programs, including workshops, peer-to-peer learning, and knowledge exchange sessions for financial sector professionals, is desirable. • Experience working with Latin American and Caribbean countries, is desirable. • Experience in analysing net-zero and climate-resilient economy topics from a national/regional/global perspective, with the ability to offer practical policy advice, is desirable. • Ability to deliver at speed and to adapt to client / country needs is desirable. • Proficiency in using Microsoft Package (Microsoft Teams, SharePoint, OneDrive, Word, Excel, PowerPoint) collaborative platforms (i.e., Teams, Google Drive) and virtual meeting platforms (i.e. Webex, Zoom, etc.) is required. • Excellent verbal, written, and interpersonal communication skills; • Ability to present complex issues in simple and clear manner; • Ability to communicate trends and impacts to high-level and mid-senior level management; • Ability to consult, build, and maintain solid working relationships in and outside of immediate department; • Demonstrates integrity and ethical standards; • Ability to work under pressure and deliver high quality results on time

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.