Deadline for submitting project bids is 13 November 2022.
Background
British Embassy Bucharest is inviting project proposals to deliver a report (White Paper) on sustainable finance in Romania. The report should:
- analyse the current financial market
- inform about the challenges in addressing climate-related financial risks
- highlight potential areas for reform and further policy design
The report will inform the debate during the Embassy's Sustainable Finance conference, which will be held in the first quarter of 2023.
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, our regional effort calls for awareness about greenwashing practices, advancing the regulatory framework for sovereign green bonds and ultimately, building industry-wide capabilities.
Complementary to other regional activities, this White Paper will help inform UK experts about specific areas for cooperation and sharing of international best practice in Romania.
Objectives
The White Paper aims to:
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conduct a market analysis of the financial sector in Romania
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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)
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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.
Deliverables
Tailored to Romania's domestic context, the White Paper (which should be no longer than 20 pages) aims to:
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identify the major drivers of sustainable investing and determine the risks that market participants face due to environmental and social trends in Romania;
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inform on UK's best practice on measuring and managing climate-related risks (physical and net zero transition risks)
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provide key recommendations to policymakers on how to mitigate greenwashing practices
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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.
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.
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 set out above with an implementation plan and supporting activity-based budget.
How to bid
Our process will consist of a one-stage full bid proposal.
Bids should be completed in English. You will need to complete and submit the following documents:
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Project Proposal Form for Implementers (ODT, 48.4 KB)
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Activity Based Budget Template (ODS, 9.82 KB)
