Measuring climate financial risk in Ecuador

Date documents can be requested until : 06 July 2025 16:00
Title : Measuring climate financial risk in Ecuador
Procurement No. : 100013185
Process : RFP
Description : GGGI Ecuador invites eligible firms/entities to submit their proposals for the assignment: “Measuring Climate Financial Risk in Ecuador.”

PROJECT BACKGROUND:

GGGI works with countries around the world, building their capacity and working collaboratively on green growth policies that can impact the lives of millions. The organization partners with countries, multilateral institutions, government bodies, and the private sector to help build strong economies that are more efficient and sustainable in the use of natural resources, less carbon intensive, and more resilient to climate change. GGGI supports stakeholders through complementary and integrated workstreams that deliver comprehensive products designed to assist in developing, financing, and mainstreaming green growth in national economic development plans.
GGGI has a diverse portfolio of programs in developing countries around the world. These in-country programs, together with global products and services, focus on delivering results through an integrated approach of evidence-based green growth planning and implementation aligned to countries’ development priorities.
In this context, GGGI in collaboration with the Central Bank of Ecuador (BCE) and the Ministry of Environment, Water, and Ecological Transition (MAATE) of the Government of Ecuador is rolling out a technical assistance project titled “Greening Ecuador Central Bank”. The project, funded by the Green Climate Fund (GCF) Readiness and Preparatory Support Program, aims to enhance the institutional capacity, strategic frameworks, and partnerships of the Central Bank of Ecuador to enhance the management and disclosure of climate-related financial risks and promote greater financial sector’s contribution to Ecuador’s climate agenda.

Proposed Activities and Scope of Work

1) Proposed Activities for the Overall Project
Climate change is the most severe challenge facing our planet. Its impacts affect the economy, nature and society overall. Climate related risks, through both physical impacts and the effects of economies transitioning to decarbonization, represent relevant short and long terms financial risks. This could affect all the institutions across the financial system. Therefore, financial institutions are expected to consider how climate-related events could have an adverse impact on its business continuity.
In this regard, Central Bank of Ecuador (BCE) is committed to stablish a first framework to identify and quantify these risks, understanding an effective and comprehensive management and disclosure of climate-related risks. This consultancy will enable BCE to advance this objective.
The Consultant firm will be required to provide technical assistance to identify physical and transition risks in Ecuador, assess the direct and indirect economic effects, and estimate its impact on the Ecuadorian economy and financial system.
Specific objectives
• Describe alternatives for quantifying and assessing climate-related financial risk in Ecuador, based on international best practices and the recommendations of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).
• Prioritize and implement a methodology for assessing climate-related financial risk applicable to Ecuador, based on the availability of information.
• Establish an action plan with recommendations to optimize the methodological application to Ecuador and improve the understanding of the short- and long-term macroeconomic and financial impacts of climate change.
2) Scope of Work
The consulting firm is expected to undertake the following activities:
1. Development of Work Plan
• Prepare a detailed workplan that outlines methodology, meetings/workshops schedule, and timeline for deliverables, including key milestones, follow-up activities, and deadlines.
• Coordinate and schedule follow-up meetings with GGGI and BCE delegates.

2. Summary of international best practices for assessing climate-related financial risk and selection of the methodology applicable to Ecuador.
• Describe at least four international experiences where methodologies have been applied to estimate climate-related financial risk. The methodologies may be applied by central banks or financial institutions.
• Collect information/data from Ecuador used in climate financial risk assessment methodologies (international experiences).
• Develop a vector of carbon emission coefficients for each industry in Ecuador's national accounts, in accordance with international best practices.
• Propose a climate financial risk assessment methodology applicable to Ecuador based on currently available data.

3. Measuring climate financial risk in Ecuador
• Define and structure the detailed methodology applicable to Ecuador for assessing climate-related financial risk. The methodology should be conceptualized in accordance with the macroeconomic, financial, environmental, and climate information available in Ecuador.
• Build a database with macroeconomic, financial, environmental, and climate information that will enable the assessment of climate-related financial risk in Ecuador.
• Implement the methodology and prepare a report with the results obtained from applying the methodology to assess climate-related financial risk in Ecuador.
• Prepare a recommendation report detailing objectives and strategies for optimizing the methodological application to Ecuador and improving the understanding of the short- and long-term macroeconomic and financial impacts of climate change.
• Conduct four training sessions (lasting at least two hours each one) on climate financial risk methodology, its application for Ecuador and improvement recommendations, addressed to the technical team and authorities of the Ministry of the Environment and the BCE.
• Prepare a consulting completion report.
For more details on the Scope of Work, please refer to the Terms of Reference (TOR) document attached.

IMPORTANT TIMELINES:
This project is expected to be completed in 3 months upon contract signing.
The tender submission deadline is 06 July 2025, 16:00 pm KST (Korean Standard Time).
If any bidder has any request for clarification on the TOR or any part of the tender documents, GGGI will be happy to clarify if they are received on or before 7 days before the deadline (namely: if the tender submission deadline is 16:00 06 July KST, then the due date for submission of request for clarification is 16:00 29 June KST).
Interested parties will be required to register their details on the GGGI e-Green Procurement Portal (https://in-tendhost.co.uk/gggi).

HOW TO OBTAIN THE DOCUMENTS:
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OPTING IN & OPTING OUT:
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SUBMITTING YOUR RESPONSE VIA THE PORTAL:
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Please read Instructions on How to submit the Proposal.

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