Adaptation and Mitigation Finance Specialist Consultant

**INTRODUCTION TO GGGI**:
The Global Green Growth Institute (GGGI) is a treaty-based international, inter-governmental organization dedicated to supporting and promoting strong, inclusive and sustainable economic growth in developing countries and emerging economies. To learn more please visit about GGGI web page.

**GENERAL INFORMATION**:

- Project: CO22-E1-1.3.1
- Duty Station: Colombia (Hybrid)
- Contract Duration: 3-Feb-2025- 30-Apr-2025
- Number of Work Days Estimated (internal purpose only): 60
- Consultant Level: 4
- Total Fees: USD 12,000

**PROJECT BACKGROUND**:
GGGI has a diverse portfolio of programs in developing countries around the world. These national programs and global products and services focus on generating results through an integrated approach to planning and implementing green growth based on evidence and aligned with countries' development priorities. The organization also prioritizes knowledge development and management activities, establishing a solid theoretical and empirical foundation for green growth. This includes offering concrete options and guidance to policymakers and creating conditions for green investments.

Through strategic partnerships, GGGI has collaborated with the Government of Colombia to promote green growth and investment policies. These alliances include collaborations with the Ministry of Environment and Sustainable Development (MADS), the Ministry of Agriculture and Rural Development (MADR), the Ministry of Finance and Public Credit (MHCP), and the National Planning Department (DNP), among others. Since 2014, GGGI has supported the DNP in advancing a green growth vision and transition plan for Colombia to support climate goals and the achievement of the SDGs. GGGI supported the development of the Green Growth Working Group led by the DNP (2016-2018), which produced valuable information for designing the Green Growth Policy—GGP (adopted through CONPES 3934 of 2018).

Furthermore, Colombia has made significant progress in designing and implementing standardized methodologies, such as Environmental, Social, and Governance (ESG) and the Colombian Green Taxonomy, to ensure the sustainability of national investments. However, economic and financial investments are essential to mobilize resources for the socioeconomic and cultural transformations necessary in the country to advance the climate transition. Although the Government of Colombia has made significant progress in developing a robust policy framework and updating the country's National Climate Finance Strategy to promote sustainable climate finance and resource mobilization to meet mitigation and adaptation goals, it is necessary to increase climate investments in strategic sectors for a fair transition to low-carbon and climate-resilient economic development.

On the other hand, the Colombian government has adopted policies to promote sustainable, low-carbon, and climate-resilient development. Climate change mitigation and adaptation are national priorities. Colombia’s 2021-2023 GCF Country Programme is expected to mobilize GCF resources to support the objectives of Colombia’s updated NDC, National Climate Change Policy, National Long-Term Climate Strategy 2050, and sectoral and territorial plans on climate change. Furthermore, the National Development Plan (PND) 2022-2026, adopted by Law 2294 of 2023, establishes climate action, deforestation control, and building climate resilience as national priorities.

GCF financing priorities in Colombia are established through the Collegiate Body, which meets periodically to discuss the country's project financing needs through the GCF and to review and endorse GCF financing proposals. The Collegiate Body comprises the PND, the MADS, the MHCP, the Ministry of Foreign Affairs, and the Presidential Agency for International Cooperation (APC).

In Colombia, there are three accredited Direct Access Entities (Fondo Acción, Findeter, and Bancoldex) and two nominated entities in the process of accreditation (FND and FINAGRO). FINAGRO is the largest provider of financing for the AFOLU sector in Colombia. FINAGRO operates as a second-tier bank; that is, it provides resources under promotional conditions to financial institutions so that they can grant credit to productive projects. To achieve its objective, FINAGRO is funded through Agricultural Development Bonds (TDA), the conditions defined by the Board of Directors of the Bank of the Republic and makes its placement following the provisions of the National Agricultural Credit Commission (CNCA). Thanks to this scheme, agricultural producers can access financing under the lowest conditions on the market, given that the CNCA establishes maximum rates at which agricultural development credit can be registered with Finagro. In 2023, FINAGRO's loan portfolio was valued at USD 10,549 million and included 1,319,000 individual credit operations, of which small agricultural producers represented 82%.

To efficiently implement th