Deadline: 13-Nov-22
The British Embassy in Bucharest is inviting project proposals to deliver a report (White Paper) on sustainable finance in Romania.
This project is part of a wider portfolio of projects across Europe which seek to advance UK’s green finance expertise and support the international transition to a net-zero financial system. Overall, their regional effort calls for awareness about greenwashing practices, advancing the regulatory framework for sovereign green bonds and ultimately, building industry-wide capabilities.
Objectives
The White Paper aims to:
- Conduct a market analysis of the financial sector in Romania
- outline the sector’s challenges (e.g., the lack of standardized criteria, methodological challenges, data availability, lack of both capacity and human resources) of local commercial banks, pension funds, insurers, investment funds and non-banking financial institutions, in meeting the requirements for the transition to a net zero financial system (e.g., regulatory, financial disclosure, corporate governance)
- Identify what does Romania’s financial services market need in terms of international best practice and how the UK’s expertise can support meeting those needs
- It is aimed at fostering transparency and establishing a shared understanding amongst market participants and policy makers alike.
Scope of Work
- The White Paper’s target audience will be policy makers, regulators, banks and listed companies’ representatives, asset managers, insurers, investment analysts, risk-management specialists, academia.
Funding Information
- Grant applications must include an estimated budget of up to 58,285 RON.
Project Approach
- Bidders should submit a project proposal which will be approved by the British Embassy Bucharest and will form the basis for project planning. The proposal should set out how the implementing partner will deliver activities to support the objectives with an implementation plan and supporting activity-based budget.
Deliverables
- Tailored to Romania’s domestic context, the White Paper (which should be no longer than 20 pages) aims to:
- Identify the major drivers of sustainable investing and determine the risks that market participants face due to environmental and social trends in Romania;
- Inform on UK’s best practice on measuring and managing climate-related risks (physical and net zero transition risks)
- Provide key recommendations to policymakers on how to mitigate greenwashing practices
- Set out common practices and recommendations on strengthening corporate governance principles
- This is not an exhaustive list and the British Embassy remains open to other suggestions that support the delivery of the project.
Criteria
- The reports to be produced during the course of this project are to be delivered in English:
- An inception note detailing approach and proposed activities. This should also set out key stakeholders who will be engaged, a proposed schedule of activities, risks, safeguarding approach and any additional details, including a communications plan
- A mid-term interim progress report by 16 December 2022
- Monthly financial reports
- Following a facilitated process of commenting, the final report by 13 January 2023.
For more information, visit https://www.gov.uk/government/news/call-for-bids-romanias-roadmap-to-a-greener-financial-system