Job Description: Research Associate

Specific Expertise Requirements

The Natural Capital Declaration (NCD), a joint initiative between Global Canopy Programme (GCP) and the UN Environment Programme Finance Initiative (UNEP-FI), is seekinga Research Associate well-versed in investment and banking/credit products in the financial sector. The NCD Research Associate’s primary role will be to undertake a scoping study to identify and evaluate opportunities to integrate natural capital into financial products and services, providing options for projects to integrate natural capital into products and services under the NCD work programme. To ensure an independent and impartial needs assessment and recommendations, and to avoid any conflict of interest, the individual or organization engaged in this scoping study may not be permitted to bid on any subsequent assignments that are developed in response to these recommendations.

Key activities

  • Engage with key finance sector and natural capital stakeholders and conduct interviews and desk-based research to compile evidence base of biodiversity and ecosystem goods & services/conservation finance product development.
  • Assess current approaches, tools, metrics, and processes used by financial institutions – including equity, corporate and public debt, financial derivatives, and commodities – to develop natural capital-related opportunities across asset classes and asset managers – mutual funds, pension funds, etc. – and on financial exchanges.
  • Conduct an independent and impartial assessment of various methodological approaches and identify how existing approaches in areas such as carbon / air emissions / water markets could be transferred to a wider range of natural capital issues. E.g. Identifying how mechanisms developed for low-carbon, water or forest-related products could be adapted to other areas of biodiversity and ecosystem goods & services.
  • Compile information on how natural capital can be integrated into financial products and services (e.g. thematic products, green bonds, natural infrastructure financing). Include insight into the benefits and limitations of such methods and potential for improvements, scaling up or transferring innovation across disciplines, asset classes, asset managers, and financial instruments.
  • Highlight gaps and challenges (with suggestions to address these, where possible). Examine sector-specific and cross-sectoral approaches to environmental product development for specific asset classes (e.g. private equity, project finance, loans).
  • Advise on practical approaches to create and scale up financial products and services by companies in the financial services industries and financial exchanges that maintain and enhance natural capital as a critical economic, ecological and social asset.
  • Provide ad hoc research support for NCD projects and proposals. For example,

explore and develop approaches and/or methodologies for incorporating the valuation and accounting for best practice biodiversity and ecosystem services management and conservationand associated productivity improvements in agri-lending.

Key outputs

  • Deliver one evidence-based study (report in Word with text and graphics) on current and potentially investable financial sector responses to environmental challenges through the development of financial products and services to advance financial sector opportunities specifically to protect or restore natural capital resources.
  • Provide catalogue of natural capital-related financial products & services to provide overview of emerging landscape. Evaluate various approaches and methodologies; where these are proprietary, the Consultant will communicate these limitations and assess the potential solutions in how to properly evaluate them.
  • Provide an overview of how financial products and services provided by financial services companies and financial exchanges are currently designed to provide sustainable finance and embedding natural capital into products and services.
  • Provide recommendations for pilot projects, focusing on specific types of financing for banking, asset management, insurance/reinsurance, and financial exchanges, to inform development of natural capital opportunities in the financial sector. These recommendations will potentially affect the overall direction of projects to build capacity in the financial sector to advance this agenda. Identify existing and emerging datasets, knowledge and capabilities to enhance analyses and build capacity in the financial sector.
  • Identify natural capital metrics/criteria underlying current financial products linked to natural capital. Provide recommendations for measurement frameworks and indicators to create new products and measure impact on environment/sustainability and how to integrate natural capital factors into financial and credit analysis. Include examples and information on policy support/guarantees etc. that underpin these products/services. Include overview of public sector mechanisms and related opportunities for private sector co-financing, e.g. Global Environment Facility.
  • Provide overview of policy/regulatory frameworks currently enabling environmental finance and provide recommendations wider applications. Identify potential public policy mechanisms to leverage finance sector financing to meet natural capital-related objectives.
  • Provides suggestions for graphics/infographics to illustrate ideas and concepts.
  • Incorporate up to three rounds of revisions into the draft feasibility study report, which will then be used for broader stakeholder consultation (outside the scope of this assignment).

Key skills and experience

  • Demonstrable understanding of environmental markets and/or sustainable finance management, capital markets and thematic products such as green bonds.
  • Understanding of environmental issues, such as knowledge of biodiversity and ecosystem services and global opportunities and threats.
  • Research and report writing track record with experience in ESG and/or financial analysis
  • Strong analytical ability
  • Proficient in English
  • Interviewing and writing skills
  • Excellent communication (verbal and written) skills
  • Flexibility in activities undertaken.
  • Rigorous and thorough approach to research.
  • A desire to take ownership and responsibility for their work;
  • The ability to deliver excellent results and work to a high standard.
  • Motivated and ability to work independently.

Desirable

  • Experience in liaising with finance professionals and financial institutions.
  • An advanced degree in finance and/or related specialties would be an advantage.
  • Spanish/French language skills.
  • Interest in cross-disciplinary research.
  • Passion for sustainable finance and the conservation of nature..
  • Willing and able to respond to inputs from a variety of stakeholders.
  • Creativity to identify potential opportunities to innovate or scale up sustainable finance.
  • Attention to detail.
  • CFA preferred.
  • Experience designing, bringing to market, and issuing new financial products and services.

Location:

Ideally to be based in Oxford, with the option of homeworking if in London.

Remuneration

Circa £20,000 gross (including taxes).

Start date and terms

ASAP; part-time or full-time for 3-5 months.

Application process

Applicants/consultants should send a full CV and covering letter to Liesel van Ast, Natural Capital Declaration Programme Manager, at .

Please include your salary expectations (on a monthly or daily rate, including taxes).

Applications are requested by10March at the latest.

Due to the number of applications, we will only be able to contact those shortlisted for interviews.