With the Ministry of Economic Growth and Job Creation of Jamaica for Dominica and Jamaica 04 October 2019 | Strategic Frameworks

with the Ministry of Economic Growth and Job Creation of Jamaica for Dominica and Jamaica 04 October 2019 | Strategic Frameworks

Programme title: Facilitating an enabling environment for a Caribbean Green Bond Listing on the Jamaica Stock Exchange

Country: Jamaica

Climate Change Division – Ministry of Economic Growth and Job National designated authority: Creation Climate Change Division – Ministry of Economic Growth and Job Implementing Institution: Creation

Date of first submission: 21 June 2019

Date of current submission / 27 September 2019 V.3 version number Readiness and Preparatory Support Page 2 of 37

How to complete this document?

- Please visit the Empowering Countries page of the GCF website to download the Readiness Guidebook and learn how to access funding under the GCF Readiness and Preparatory Support Programme. - This document should be completed by National Designated Authorities (NDA) or focal points with support from their Delivery Partners where relevant. Once completed, this document should be submitted to the GCF by the NDA or focal point to [email protected]. - Please be concise. If you need to include any additional information, please attach it to the proposal. - If the Delivery Partner implementing the Readiness support is not a GCF Accredited Entity for project Funding Proposals, please complete the Financial Management Capacity Assessment (FMCA) questionnaire and submit it prior to or with this Readiness proposal. The FMCA is available for download at the Library page of the GCF website.

Where to get support?

- If you are not sure how to complete this document, or require support, please send an e-mail to [email protected]. - You can also complete as much of this document as you can and then send it to [email protected], copying both the Readiness Delivery Partner and the relevant GCF Country Dialogue Specialist and Regional Advisor. Please refer to the Country Profiles page of the GCF website to identify the relevant GCF Country Dialogue Specialist and Regional Advisor. - We will get back to you within five (5) working days to acknowledge receipt of your submission and discuss the way forward.

Note: Environmental and Social Safeguards and Gender

Throughout this document, when answering questions and providing details, please make sure to pay special attention to environmental, social and gender issues, particularly to the situation of vulnerable populations, including women and men. Please be specific about proposed actions to address these issues. Consult Annex IV of the Readiness Guidebook for more information.

Please submit the completed form to: [email protected]

Please use the following naming convention for the file name: “GCF Readiness Proposal-[Country]-[yymmdd]”

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1. SUMMARY

Country name: Jamaica Name of institution representing NDA or Climate Change Division, Ministry of Focal Point: Economic Growth and Job Creation Name of contact person: Ms. Una May Gordon

Country Contact person’s position: Principal Director submitting the Telephone number: (876)851-8876; (876) 633-7354 proposal Email: [email protected] 16A Half-Way-Tree Road, Kingston 5, Full office address: Jamaica Additional email addresses that need to

be copied on correspondences: Date of initial 21 June 2019 submission Last date of 27 August 2019 Version number V.3 resubmission ☒ National designated authority ☐ Accredited entity ☐ Delivery partner

Please provide contact information if the implementing partner is not the NDA/focal point Which institution Name of institution: will implement the Name of official: Readiness and Preparatory Position: Support project? Telephone number: Email: Full office address:

Additional email addresses that need to

be copied on correspondences:

Title of the Facilitating an enabling environment for a Caribbean Green Bond Listing on the Jamaica Readiness Stock Exchange support proposal

Please select the relevant GCF Readiness activity area below (click on the box): ☐ I. Country capacity for engagement with GCF Type of ☐ II. Country programming process Readiness ☐ III. Direct access to climate finance support sought ☒ IV. Climate finance accessed ☐ V. Formulation of national adaptation planning and/or other adaptation planning processes Readiness and Preparatory Support Page 4 of 37

This readiness proposal responds to the recommendation of draft regional scoping study implemented under the Jamaica-led regional private sector readiness grant (JAM-RS-002) which recommends exploring the bond market as a source of debt capital to finance innovative and new business opportunities for resilience. More specifically a green bond market has the potential to attract local and international institutional investors who can leverage support for climate resilience and low carbon development.

This readiness proposal will facilitate an enabling environment for a Caribbean green bond listing on the Jamaica Stock Exchange. It aims to assess the debt market and foster a conducive environment for a green bond market through building a green bond market ecosystem through the following components: Component 1: Assessing the debt market (bonds) and infrastructure; Component 2: Guidance - developing appropriate policies/guidelines based on international standards and Green Bond Principles; Component 3: Capacity building and market education – focusing on key market players from across the region and beyond through market education; and Component 4: Issuance and development of a project concept of a green bond facility.

Brief summary of By establishing the necessary environment for a green bond market, this readiness the request proposal will help achieve the readiness outcome – “Climate finance strategies and pipeline strengthened” and sub-outcomes – (i) climate finance strategy and (ii) crowding- in the private sector.

A green bond market ecosystem will require participation of key market players. The main project beneficiaries will be potential issuers, brokers, verifiers and regulators and policy makers, as well as institutional investors (pension funds, banks etc). The public is an indirect beneficiary as it will become aware of green bonds through informational videos and engaging with the market players.

The readiness proposal is expected to add significant value to national processes that support the broader climate and development agenda outlined in the 2015 Paris Agreement and the 17 Sustainable Development Goals. It will support the implementation of the Climate Change Policy Framework which advocates developing a climate financing strategy, the mobilizing innovative financing for mitigation and adaptation and crowding-in the private sector. In the future, the country envisions the aggregation of project assets (from public and/or private sources) and refinancing through proceeds of green bonds which can accelerate NDC implementation in Jamaica.

Total requested USD 582,749 Anticipated duration 24 months amount and currency ☒ Yes ☐ No

In 2016, Jamaica received GCF readiness support Has the country received or is expecting to receive other Readiness and Preparatory (US$300,000) to strengthen the capacity of the NDA to Support funding allocations (including undertake its fund-related roles and responsibilities, and to adaptation planning) from GCF or other distill and prioritise national climate change investments to be donors? elaborated in Jamaica’s GCF Country Programme. In 2017 Entity support was accessed to support the Jamaica Social Investment Fund in its GCF accreditation process (US$33,000). Readiness and Preparatory Support Page 5 of 37

In 2018 Jamaica received two readiness grants to build institutional capacity to access climate finance through the GCF on:

(1) Mobilization of the private sector to support to low carbon and climate resilient development (US$582,000), which aims to investigate barriers to private sector investment, support the accreditation of selected private sector entities in the region, inform the best strategy for investment at the regional and country levels and promote south-south cooperation among other CARICOM States; and

(2) Provision of technical assistance valued at US$613,000 to prepare the country for REDD+, which will catalyse action to ensure the conservation and protection of the country’s forests and will serve to assist with capacity building and establishing planning mechanisms to guide the country in becoming REDD+ ready, including development of a REDD+ Strategy.

Jamaica is supporting the regional readiness initiative (US$100,000) to build the capacity of the Caribbean Community Climate Change Centre to enable a regional approach to climate action from 2019-2021.

Jamaica is currently working on a readiness proposal to facilitate a gender responsive approach to climate change adaptation and mitigation in Jamaica.

2. BACKGROUND 1. Country context: Jamaica, a Small Island Developing State (SIDS) situated in the Caribbean Sea, is the third-largest island of the Greater Antilles with an area of 10,990 square kilometers (4,240 square miles) and population of approximately 2.7 million persons.

2. As an upper middle-income country, Jamaica struggles with low economic growth, high public debt and external shocks which weaken its economy. In particular, high energy costs and energy intensity are often key impediments to Jamaica’s development. Consequently, the government is implementing an ambitious reform program to stabilize the economy, reduce debt and fuel growth and it has garnered national and international support. Jamaica has achieved significant success in reducing high debt burden. Its high national debt led it to enter into an Extended Financing Facility arrangement with the IMF in 2013. This arrangement ended in 2016 and was replaced by a Precautionary Stand-By Arrangement which is expected to conclude in September 2019.

3. Climate change impacts and development challenges: Climate change has been increasingly recognized as a major constraint on the country’s development and economic growth. Jamaica’s geographical location and socio-economic situation makes the island highly vulnerable to the impacts of climate change. These impacts range from increases in drought conditions, increased intensity of extreme weather events, and increased temperatures. Jamaica’s vulnerability to climate change occurs across all sectors, primarily affecting climate sensitive sectors such as water resources, agriculture, health, coastal resources and human settlements, and tourism1. The effects of climate change on these sectors impacts on the country’s commitment to achieving sustainable development and its goal of becoming a developed nation by 2030. The adverse effects of climate change impact the country’s

1 Third National Communications to the United Nations Framework Convention on Climate Change Readiness and Preparatory Support Page 6 of 37

Gross Domestic Product (GDP) (e.g. through loss of government revenue from unemployment and loss of assets). Additionally increasing government expenditure to replace public infrastructure after extreme weather events puts these goals at risk.

4. Jamaica’s Biennial Update Report (BUR) to the United Nations Framework Convention on Climate Change (UNFCCC), submitted in 2016, includes a Greenhouse Gas (GHG) inventory for 2012 revealing that energy was the largest source of GHGs. However, the BUR shows agriculture as the second highest source, and land use, land use change and forestry (LULUCF) as a carbon sink, absorbing 1.6 MtCO2e in 2012 and offsetting about 11% of gross emissions in 2012. Notably Jamaica’s GHG emissions grew 7% from 1990 to 2013, averaging 0.5% annually, while GDP grew 30%, averaging 1.2% annually. While it is a positive trend for GDP to grow faster than GHG emissions, as of 2013, Jamaica emitted more GHGs relative to its GDP than the world average.

5. Given this situation Jamaica must leverage resources to build climate resilience while also reducing greenhouse gas emissions and striving to become a low carbon society.

6. The financing gap: As part of the global effort to combat climate change, Jamaica submitted its Intended Nationally Determined Contributions (INDC) in November 2015 and ratified the Paris Agreement (PA) in April 2017. The NDC which was predicated on the implementation of the National Energy Policy (2009-2030) and its complementary action plans, has an ambitious target of reducing greenhouse gas emissions by 7.8% by 2030 versus the business as usual scenario and by 10% by 2030 with international support. The country is also looking to increase its ambition for 2020 by revising its NDC to include other key sectors (water, transport, forestry, agriculture, and waste).

7. Without adequate financing at all levels, it will be challenging to meet these ambitious targets set out in the PA. The country’s current financial situation cannot adequately finance the NDC, rather it will require support from international public finance sources as well as local and international private sector. It will also have to encourage traditional and innovative financing mechanisms for public and private sector to support NDC implementation.

8. Through the readiness grant, Jamaica has been attempting to accelerate climate investment from the private sector “Mobilising Private Sector towards Low Carbon and Climate Resilient Development in Jamaica and other CARICOM States”. By investigating the barriers to climate investment and identifying the possible solutions, the regional scoping study recommended the exploration of the bond market as a source of debt capital for financing to support the development of innovative new business opportunities for resilience. However, there is the potential for green bond markets to support both climate resilience and low carbon development.

9. Challenges in Jamaica’s debt capital markets: Five key challenges experienced are as follows: • Technical capacity of the regulatory to review and approve transaction documents for new issues. • Restriction for Pension fund managers to access USD bonds unless the issuers are from USA, CA or UK. • Low Cap of 5% for pension funds in foreign currency bonds. • Regulatory framework for approval of issues over a certain amount – The Minister of Finance’s approval is required through the Bank of Jamaica. However, there are no guarantee for an approval despite all requirements being completed. • Market liquidity – Restrict transaction volumes, therefore the amount being raised is broken down in tranches, which may be affected by changes in the market condition over time.

10. Apart from Wigton Windfarm, there has been no issuance of climate related bonds, but the global trends are being adopted in keeping with 2015 Paris Agreement and regionally with the Caribbean Development Bank climate change focus. There is more emphasis being placed on environmental issues compared to prior years in light of the changing climate challenges we face.

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11. The financial market has a critical role to play in educating the investing public. Similarly, to the London Stock Exchange (LSE), Chile Stock Exchange and the Brazilian Stock Exchange, the Jamaica Stock Exchange might look at these models to certify companies wishing to migrate to the Green Market. Therefore JSE will need to increase the awareness of listed companies on the market as part of its best practices.

12. Existing capacities that the proposal will build on and the key barriers or gaps that will be addressed through the different outcomes: Barrier analysis - Jamaica’s capital market is active. As Jamaica is pursuing a debt reduction path with the aim of reducing its debt-to-GDP ratio to below 60% by the financial year 2025/26, it is opening the market for the private sector. The interest rates are historically low and therefore debt instruments are becoming more attractive to investors. This situation creates a very liquid environment with investors seeking new investment opportunities such as corporate bonds.

13. The government recently stated that there is a need to focus on environmentally sustainable projects, one such area is climate change. The capital market needs to evaluate how they allocate and assess projects coming to the market to be financed to grow these types of investments. The country has a high dependency on fossil fuel and the government is moving towards utilizing natural recourses to build capacity. Stock Exchanges need to ready themselves to train brokers on how to prepare, analyze and price proposals of this nature and educate investors on what is being offered.

14. The Jamaican banking sector and capital markets is quite stable and well developed. However, there is a lack of knowledge and infrastructure for green bonds in the market that causes a reluctance from issuers and investors to participate. The adoption of green technology by many local companies in recent times has provided a positive outlook. However there is a delay in growth and innovation because many climate projects do not stand a chance of survival.

15. The culture of the capital markets over the years has been to accept an underlying security that can be valued and priced. Bonds that are not securitized carries a greater risk and are not viewed as investment grade. Thus a green bond will be classified as a high risk and will not readily attract investors.

16. This readiness grant proposal seeks to facilitate an enabling environment for Caribbean green bond listing on the Jamaica Stock Exchange. It aims to assess the debt market and foster a conducive environment for surrounding green bond market ecosystem2. The readiness grant is expected to achieve the readiness outcome – “Climate finance strategies and pipeline strengthened” and its sub-outcomes – (i) climate finance strategy and (ii) crowding-in the private sector. It will do so by • Component 1: Assessing the debt market and infrastructure, and roadmap for implementation for green bond listing and adopting the most suitable bond standards and guidelines3. • Component 2: Providing appropriate guidance based on international standards and Green Bond Principles • Component 3: Providing capacity building and market education to help to develop a pool of local and regional credible external review providers and knowledge market players • Component 4: Issuance and development of a project concept for a green bond facility

17. The creation of the green bond listing will allow the country and Caribbean at large to yield attractive investments from local and international private investors that will in the long-term support the implementation of the ambitious targets set out in the country’s NDC. Further information on green bonds

2 Further information on green bonds is in Annex 1. 3 International Standard to adopt include such as International Capital Markets Association: Green Bond Principles, Climate Bonds Initiative: Climate Bonds Standards and Certification, Sustainable Stock Exchange Initiative: Guidance and Trainings, and IFC Sustainable Banking Initiative: Green Bond Working Group Readiness and Preparatory Support Page 8 of 37

may be found in Annex 2. The proposed methodology will be adopted from the Sustainable Banking Network’s toolkit on Creating Green bond Markets4 and modified to fit the country context.

18. Title to goods or other property financed by the Fund under the Grant Agreement shall be held by the Recipient or other entity approved by the Recipient, unless the Fund directs, at any time in its sole discretion, that title be transferred to the Fund or another entity nominated by the Fund.

19. Past and ongoing efforts undertaken by public and/or private sectors: Private sector investment in climate action is steadily growing, utilizing both public and private sources of financing. The public sector has played a role in providing or accessing funding to support private-led climate investment: • National Development Bank: The Development Bank of Jamaica has also supported MSMEs through providing energy audit grants to help them to make informed financial decisions about energy efficiency and renewable energy.

• Development Finance Institutions/ Multilateral Development Banks: Larger local private sector entities such as Red Stripe have also been leveraging finance to support the agriculture value chain. With support from the IDB/MIF- Small Enterprise Development Facility, Red Stripe’s initiative, Project Grow, seeks to increase the incomes of small scale cassava farmers, as well as generate employment opportunities for vulnerable youth in Jamaica, through their integration into the commercial cassava value chain, anchored by Red Stripe.

• Climate Finance Institutions: Through the Pilot Programme for Climate Resilience (PPCR) – Adaptation Programme and Financing Mechanism administered by Inter-American Development Bank, Jamaica has established a Line of Credit making available US$7.2 million available to Micro, Small and Medium Enterprises (MSMEs) in the agricultural and tourism sector to finance climate change adaptation initiatives island-wide. The PPCR is also supporting the new urban housing sector through the Financing Water Adaptation in Jamaica’s New Urban Housing Sector. This initiative will on-lend funds for integration of adaptation water measures and provide technical support (business and financial cases for water and climate resilient technologies, capacity building, entrepreneurship and awareness raising).

• Other public institutions: MSME support entities (such as the Caribbean Climate Innovation Centre, Jamaica Business Development Corporation) have provided technical assistance for business development and innovation.

20. Private financiers have also leveraged financing for climate investment: • Microfinancing institutions (credit unions): COK Sodality Cooperative Credit Union Limited’s EcoMicro initiative, Green Finance for Renewable Energy and Energy Efficiency for MSMEs and Low-Income Households was launched in 2019. The initiative which is supported by IDB aims to foster the renewable energy and energy efficiency (RE/EE) ecosystem through green finance for MSMEs to facilitate acquisition of mitigation technologies and for MSMEs to become RE/EE technology suppliers.

• Institutional investors: GK General Insurance Company limited has provided unparalleled insurance through Livelihood Protection Policy, a parametric based insurance.

• Other and blended sources: Majority of investment has been primary through blended finance (including foreign direct investment). Examples include operationalization of a 20MW solar PV plant in Content, Clarendon by WRB Content Solar, the installation and operationalization of two wind energy power plants (24 MW for Wigton Phase III and 36.8 MW for Blue Mountain Renewables).

4 https://www.ifc.org/wps/wcm/connect/55e5e479-b2a8-41a6-9931- 93306369b529/SBN+Creating+Green+Bond+Markets+Report+2018.pdf?MOD=AJPERES Readiness and Preparatory Support Page 9 of 37

More recently, the Eight Rivers Energy Company has sourced substantial financing from the international financial market to invest in renewable energy with a 51MW solar park in Westmoreland.

21. Stock exchange: The Jamaica Stock Exchange (JSE), established in 1969, was recognized by Bloomberg as the best performing stock exchange in the world in 20185 is also piloting some initiatives to leverage finance for private investments. With its recent launch of the Jamaica Social Stock Exchange (JSSE) and soon the Jamaica Impact Investment Exchange (JIIX), the JSE is positioning itself as a leading entity in innovative finance for the private sector through the promotion of social capital markets.

22. To date, JSE has five listed corporate bonds and over 100 privately owned bonds. In 2019, JSE listed the Initial Public Offering (IPO) of Wigton Windfarm – a government initiative - to encourage the public to own the asset. This is expected to improve governance standards. If privatized then the government would be better able to meet its objective. The Wigton Windfarm is currently the only listing that is climate aligned and has raised J$5.5B. Locally, Wigton Windfarm recorded the largest IPO in the history of the JSE, this is an indication that there is a demand for climate sustainable product as this IPO was oversubscribed by 158%.

23. The JSE consistently encourages its listed companies to adapt green technology in their daily operations and has instituted programmes that evaluate these company annually as it relates to international best practices standards. JSE requires these companies to include in their annual reports policies and activities that are environmentally friendly to their surrounding communities and Jamaica as a whole. There are companies listed on the JSE (Wigton Windfarm, AMG Packaging and Paper Limited and Fosrich) that have retooled to ensure that their operations and waste material disposals are process to have minimal impact on the environmental. The JSE is also a signatory to the sustainable stock exchange initiative whose mission is to build the capacity of stock exchanges and securities markets regulators to promote responsible investment in sustainable development and advance corporate performance and environmental, social and governance issues.

24. JSE has the potential to catalyse the growth of the green bonds market in the region by listing bonds compliant with the green criteria. At the GCF-Caribbean Private Sector Engagement Workshop, the JSE further expressed its interest in offering green bonds as this could create new possibilities to attract capital flow.

25. JSE has the potential to be a primary regional financial institution, facilitating transformative low carbon development in the region. This can be accomplished through; its support of local green bond ecosystem of other Caribbean nations, mentorship, technical assistance, and its facilitation of the listing of regional green bond issues on the JSE. The Commonwealth of Dominica has specifically expressed interest in collaborating with this readiness grant proposal and noted that the objectives of the proposal is fully aligned to the country’s priorities. Dominica’s Low Carbon Climate Resilient Development Strategy6 calls for sustainable financing for low carbon technologies and energy conservation. The introduction of the green bond market has the potential to attract potential investors to support renewable energy initiatives, including use of geothermal energy. Dominica has sixi (6) identified geothermal zones. The optimal utilization of these for: (i) geothermal power production, interisland electricity export via undersea cable, the establishment of Green Industrial Eco Parks, electric transportation and other usage, is central to the success of its low carbon development pathway. However additionally, these will also assist in the development of an attractive portfolio of investment opportunities on the JSE, thereby enhancing the attractiveness of the JSE ‘s green bond issues to regional and international investors,

5 https://www.bloomberg.com/news/features/2019-01-18/the-jamaican-stock-exchange-is-the-world-s-best-performing-market 6 Dominica’s Low Carbon Climate Resilient Development Strategy can be found here Readiness and Preparatory Support Page 10 of 37

Complementarity with other GCF readiness grants: While the initiative builds on the regional private sector readiness grant, it will also complement the Jamaica’s draft GCF Country Programme under the first readiness grant through the development of a project concept that will address the constraints faced by the private sector. The proposal will also leverage private capital and scaling up private sector investment flows for low carbon and climate resilient development.

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3. LOGICAL FRAMEWORK AND IMPLEMENTATION SCHEDULE

Anticipated duration: Specify duration in multiples of six months 8 Bas Activities Targ Outcomes elin (brief description ets Monthly implementation plan of activities9 e7 and deliverables)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 0 2 Component 1: Market Outcome 4: Sub-outcomes assessment & Climate finance 4.1 “Climate infrastructure strategies and finance strategy project pipeline defines the Activity 1.1.: Undertake a strengthened potential use of green bond market a combination of assessment 10 funding options from public -Review of current debt resources; capital market structure for tariffs, and bonds and international readiness/suitability for cooperation; green bond growth and financing bond growth in general instruments such as loans, -Assess readiness level for Please shade cells for the full duration of each activity and indicate a bonds, equity green bond market to X X for the month when each deliverable will be produced. and others; determine appropriate private interventions, including investment; and engaging with relevant or the blending stakeholders: of financial instruments.” - Mapping of the market participants/players (stock exchanges, brokers, banks and other financial institutions, pension funds, rating agencies, real estates etc) - Undertake a portfolio analysis of market

7 For baselines rated at 1 or 2, please shortly elaborate on current baselines on which the proposed activities can be built on, processes that are in place that the current Readiness proposal can strengthen, or any gaps that the proposed activities would fill in. If more space is needed, please elaborate this in Section 2. 8 Please include tangible and specific deliverables for each activity proposed, and the timeframe (month number) in which it will be delivered to GCF. Please note that during implementation all deliverables should be included within the implementation reports for GCF consideration. 9 If the duration of the proposal is longer than 24 months, please change the monthly columns to indicate 2 or 3 months each (e .g. change month “1” to month “1-2’ or “1-3”). 10 There will be local and international consultants supporting Activity 1.1. The recruitment of a Project Management Unit and a diagnostics consultancy team will undertake the assessment and the start-up phase of the green bond listing The recruitment process of 3 months have been incorporated to address project implementation issues experiences in previous grants. Therefore Project Manager and Accountant will be hired for remaining months of project ie 21 months (Annex 5&6) Readiness and Preparatory Support Page 12 of 37

players (inclusive of climate change activities/services/ope rations, business barriers and opportunities)

- Initiate dialogue with Caribbean market players to determine demand and pipeline for bonds, as well as challenges and training needs

- Identify potential market champions and develop a promotional campaign with local investors as well as international investor roadshows to present green bond pipeline based on national priorities

- Develop a roadmap for the development of the green bond listing and surrounding ecosystem, using IFC/Sustainable Banking Network’s strategy (Annex 3). A knowledge sharing workshop with an existing green exchange will be organised to support the development of the roadmap. The action plan will identify actions, responsible players and participants, costs and timelines. This will also include three knowledge field trips (Kingston, Montego Bay and Mandeville) and a regional workshop.

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Deliverable 1.1.1: Green Bond Market Assessment Report + Roadmap for development of Green Bond Listing and market ecosystem (Month 9)

Outcome 4: Sub-outcomes 0 2 Component 2: Guidance Climate finance 4.1 “Climate strategies and finance strategy Activity 2.1: Create a Green project pipeline defines the Bond Listing strengthened potential use of a combination of - Identify the most funding options suitable service from public provider for technical resources; assistance in tariffs, and establishing the green international bond listing cooperation; financing - Create an exchange instruments within the JSE such as loans, dedicated to bonds, equity Caribbean region and others; green bonds to give private product visibility and investment; and encouraging trading or the blending of financial - Review existing X instruments.” standards/guidelines11 for bonds and identify gaps to address for green bonds (This will include meetings with the Financial Services Commission)

- Identify international standards6 for green bonds and assess the suitability of each for the Caribbean market (e.g. international standards have the greatest potential to attract international investors while committed to Paris Agreement)

11 JSE - Automated Trading Rules; JSE Main Market Rule Book; JSE- Financial Services Commission – Guidelines for Issuers of Securities (revised June 2018), and The Securities Act & Regulations (1996) Readiness and Preparatory Support Page 14 of 37

- Develop and issue regional guidelines aligned with international practices12 for green bond listing process- related items (e.g. application form and process, eligibility criteria, disclosure requirements on use of proceeds, allocation of capital)13

Deliverable 1.2.1: JSE Green Bond Standards + Guidelines for the Caribbean +Guidelines regarding additional regulations required (Month 13)

Outcome 4: Sub-outcome 0 2 Component 3a. Building Climate finance 4.6: “Crowding- the Surrounding Green strategies and in private sector Bond Market Ecosystem – project pipeline investments” Capacity building + strengthened market education

Activity 3.1: Capacity building/Green Bond Market Education - Set up/partner and deliver training X programs (or boot camps) tailored to key market participants (issuers, investors, verifiers and regulators)

These training programmes will focus on understanding climate risks to portfolios,

12 International Capital Markets Association: Green Bond Principles, Climate Bond Initiative: Climate Bonds Standard and Certification, Sustainable Stock Exchange Initiative: Guidance and Trainings, IFC Sustainable Banking Initiative: Green Bond Working Group. 13 This could include partnerships and/or hiring a stock market already with a green bond listing as a technical consultant for the Readiness, which could provide access to a wider investor pool London, Luxembourg, Mexico City, Oslo, Shenzen, Paris, Borsa Italiana, Riga, Amsterdam, Lisbon, Johannesburg, Stockholm, Santiago, and Frankfurt. Lessons learned from Fiji Reserve Bank’s recent green bond listing on London Stock Exchange

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green bond introduction, global trends, accreditation schemes/guidelines, best practices and technical assistance to identify green bonds and bring to market etc.

These will be conducted via JSE’s e-campus

Video and audio clips will be prepared for online training module.14

It will also facilitate training incentives for industry professionals.

Deliverable: Training Curriculum + training workshop reports (Month 17)

Outcome 4: Sub-outcome 0 2 Activity 3.2. Outreach and Climate finance 4.6: “Crowding- mentorship support for strategies and in private sector Dominica project pipeline investments” strengthened Based on lessons learned JSE will provide mentorship support to Dominica to assist with bond market development. JSE will provide technical assistance for the preparation of green bond financing and facilitate the incorporation of such X financing in the local financial ecosystem in support of upstream and downstream geothermal development

Deliverable: Mentorship activities report + Guidelines for the issuance of green bond financing on JSE for Dominica’s upstream and

14 A production company will be hired to support this activity. Readiness and Preparatory Support Page 16 of 37

downstream geothermal development (Month 19)

Outcome 4: Sub-outcome 0 1 Component 3b: Building Climate finance 4.3: Project the Surrounding Green strategies and concept note Bond Market Ecosystem – project pipeline development Issuance strengthened Activity 3.3: Issuance and submission of GCF Concept Note/Full Proposal

- Deliver a Green Bond Statement from domestic investors, convene and participate in various fora (e.g. Caribbean Investor Forum) with potential issuers

- Implement promotional campaign (international investors roadshow15) X designed in Phase I to present domestic green bond pipeline with a maximum of ten institutions from Jamaica and the region to attract new investment

- Prepare a GCF Concept Note to establish a green bond facility to be financed by GCF with support from the Accredited Entity and institutional investors.

Deliverable: GCF Project Concept (Month 24)

15 International investor roadshow can be held in New York, Frankfurt or London. Readiness and Preparatory Support Page 17 of 37

4. ADDITIONAL INFORMATION (ONLY FOR ADAPTATION PLANNING SUPPORT)

This section is only to be completed when seeking support for formulation of national adaptation plans and/or other adaptation planning processes. Please see Part 3 Section 4 in the Readiness Guidebook.

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5. BUDGET, PROCUREMENT, IMPLEMENTATION, AND DISBURSEMENT

5.1 Budget plan Please complete the Budget Plan in Excel using the template available in the Library page of the GCF website. (Please also refer to Annex 5).

5.2 Procurement plan Please complete the Procurement Plan in Excel using the template available in the Library page of the GCF website. For goods, services, and consultancies to be procured, please list the items, descriptions in relation to the activities in section 2, estimated cost, procurement method, relevant threshold, and the estimated dates. Please include the procurement plan for at least the first tranche of disbursement requested below and provide a full procurement plan for the entire duration of the implementation period if available at this stage. .(Please also refer to Annex 6)

5.3 Disbursement schedule Please specify the proposed schedule for requesting disbursements from the GCF. For periodicity, specify whether it’s quarterly, bi-annually or annually only.

Please choose one option among the two below and delete the one that does not apply to you. Please fill in information under brackets:

☐ Readiness Proposal that falls within a Framework Agreement with the GCF Disbursements will be made in accordance to [Clause xx] “Disbursement of Grants” and [Clause xx] “Use of Grant Proceeds by the Delivery Partner” of the Framework Readiness and Preparatory Support Grant Agreement entered into between GCF and [Delivery partner name] on Click or tap to enter a date. The Delivery Partner is entitled to submit [number] request(s) for disbursement each year.

☒ Readiness Proposal that requires a bilateral Grant Agreement to be signed with the GCF (please add more disbursement as needed) • The first disbursement amounting USD Two Hundred and Fifty Thousand (US$250,000) will be transferred upon approval of the readiness request and effectiveness of the Grant Agreement; • The second disbursement amounting USD Two Hundred Thousand (US$200,000) will be transferred upon submission of an interim progress report [and audited financial report]16, in form and substance acceptable to the Fund, including an audited expenditure statement] • The third disbursement amounting USD Eighty Two Thousand Seven Hundred and Forty Nine (US$82,749) will be made upon submission of an interim progress report, in form and substance acceptable to the Fund; and • The fourth disbursement amounting USD Fifty Thousand (US$50,000) will be made upon submission of a completion report and financial report, in form and substance acceptable to the Fund, including an audited expenditure statement.

Please include an indicative disbursement table showing the expected amounts to be requested and keep to multiples of USD 5,000.

16 For second disbursement, audited financial report and audited expenditure statement are only required for readiness and preparatory support proposals expected to last over 12 months. Readiness and Preparatory Support Page 19 of 37

6. IMPLEMENTATION ARRANGEMENTS AND OTHER INFORMATION

6.1 Implementation map Please describe how funds will be managed by the NDA and/or the Readiness Delivery Partner.

The GCF Readiness Project will be implemented by the National Designated Authority - Climate Change Division (CCD) of the Ministry of Economic Growth and Job Creation (MEGJC) as the Delivery Partner, in collaboration with the Jamaica Stock Exchange (JSE) as Technical Assistance Partner (Figure 1).

As the Delivery Partner, CCD-MEGJC will be responsible for all procurement, audit, financial and administration of the project as well as project monitoring and reporting. CCD will be supported by a Project Accountant and Procurement Officer [Project Assistant] (a key member of the Readiness Project Management Team (see below) but based in the Climate Change Division) and a Finance Assistant (part-time) based at MEGJC with the role of processing of payments, monthly expenditure reporting and providing support for audits.

As the Technical Assistance Partner, the Jamaica Stock Exchange (JSE) will be support the technical components of the readiness activities. There will be no flow of GCF funds from the NDA to JSE. JSE will identify a lead in the organization to provide oversight and liaise with the Delivery Partner. The lead will work with the NDA to provide technical guidance to the Project Associate and the Consultants of the Readiness Project Management Team.

The Readiness Project Management Team: This team will be established to support project implementation by the NDA. The team will comprise of the following: • A Project Associate who will provide management and administration oversight of the readiness grant. • A Project Accountant and Procurement Officer (Project Assistant) who will support procurement, financial and audit activities. • A Finance Assistant who will process payments, provide monthly expenditure reporting and provide support for audits. • Support Team: International and local consultants will support the Readiness Project Management Team with the responsibility for various project components. The consultants include • A Public Relations and Communications Specialist who will support communications strategies, media relations and organizational outreach efforts on green bonds • A Training Consultant who will develop a training programme and support content for the JSE e- campus. • A Project Development Specialist who will develop one GCF Concept note for a Green Bond Facility for the Caribbean, using the GCF Concept Note template • Local consultancy to undertake an assessment of the debt capital market structure for bonds • International Consultant to develop a roadmap for the development of the green bond listing and surrounding ecosystem and develop guidelines

After approval of the Grant, a notification letter will be sent by the GCF to the NDA. The date of such notification of approval by the GCF will be treated as the start date for project implementation and from that date, the end date of implementation will be calculated taking into account the total duration of the project as presented in the approved proposal. Readiness and Preparatory Support Page 20 of 37

Figure 1: Implementation arrangements for readiness grant LEGEND

Flow of funds

Reporting

Guidance and technical assistance

Delivery of support (beneficiaries etc)

Risks, monitoring and evaluation (M&E), and other relevant information

Risk management Type of Risk Risk Risk level and mitigation measure

Changes in the Low: The possibility exist that with the changes of Management and Institutional Government administration the Division could be subsumed Governance Arrangement of The within another ministry exist. Climate Change Division Human Medium: Competitive bidding will be used to source Resource/Consultant consultants. Expressions of Interest will be used to test the deficit market at the national, regional and international level.

Readiness and Preparatory Support Page 21 of 37

Procurement Medium: Identification of a suitable consultancy team in a timely manner. Upon approval of the readiness proposal and upon receipt of approval from the Public Investment Management Secretariat (PIMSec), the consultancy will be advertised noting that the consultancy is contingent upon final contractual arrangements between GCF. The same procedure will be undertaken to recruit the Project Manager and the Project Accountant and Procurement Officer Fiscal Stability Fluctuation in Exchange Low: The project is denominated in US$ and therefore rates timely implementation of project activities including procurement of good and service will be of benefit.

Project Reporting Delays in reporting Medium: The Delivery Partner funds will be utilize to increase human capacity that will ensure the project is implemented within the project timeframe.

We will inform the Office of Portfolio Management and Country Programming Division of any procurement delays or issues that may affect the implementation of project activities and develop a resolution. External: Conflicts Conflict and/or natural Low: Jamaica is neither classified nor located in a conflict and Natural disasters (hurricanes zone. However the country lies in the hurricane belt of the Disasters etc) Atlantic Ocean which makes it susceptible to the impacts of extreme weather events. The project has allocated a contingency fee of 5% to address project risks. The project will also benefit from the GOJ overall procedures in place for disruption and disaster management which will be activated if necessary. Office of Disaster Preparedness and Emergency Management (ODPEM) 17 has national guidelines for pre and post-disasters. The Project Management Unit staff and consultants will be sensitized on emergency procedures where appropriate.

Corruption, and Money laundering and Low: These risks include money laundering, terrorist other prohibited terrorist financing, financing, corruption or other prohibited practices. The practices corruption, and other Government of Jamaica has legislation such as the prohibited practices Terrorism Prevention Act and the Corruption Prevention Act and Regulations to handle these matters. In addition there are institutional structures within the Ministry of Finance to handle financial investigations, financial regulations and risk management. Employees/contracted Low: JSE has a Code of Conduct/Ethics policy to address staff engage in issues of malpractices. These guidelines will be followed to malpractices handle such matters as they arise. As a financial institution, JSE has policies that align to the national law. JSE has an AML policy in place for the JSE Group, a Whistle blower Protection Policy and Code of Conduct/Ethics for all staff. JSE has a robust set of rules that regulates the market for all players. All rules/regulations will be followed if any prohibited practices occur during implementation of the project.

JSE will ensure that project investment documents address corruption and other prohibited practices.

17 www.odpem.org Readiness and Preparatory Support Page 22 of 37

Monitoring and Evaluation Plan

Activities Responsibility Timeframe

Inception meeting Climate Change Division Ten days after consultants sign Jamaica Stock Exchange the contract

Workshop reports Jamaica Stock Exchange Two weeks after workshop

Interim Progress Report Jamaica Stock Exchange Every six months until end of project

Monitoring of results Climate Change Division Every six months until end of project

First Year Audit Climate Change Division Twelve months after start of project

Final Year Audit Climate Change Division Twenty-one months after the start of the project

Readiness and Preparatory Support Page 23 of 37

ANNEXES

• Annex 1: National Scoping Study Report – attached separately

• Annex 2: Overview of the Green Bond Market

ABOUT GREEN BONDS AND HOW THEY WORK

Green bonds are fixed income securities raising capital through debt capital markets. Unlike regular bonds, proceeds for green bonds are earmarked for projects with environmental benefits, primarily projects that address climate change mitigation and adaptation, but also natural resources depletion, loss of biodiversity and air and water pollution.18 Green bonds are emerging as a solution for alternative climate financing, with the potential to raise capital to help countries achieve national climate targets set out in the NDCs as well as the Sustainable Development Goals.

Green Bonds originated in 2008 by the World Bank when they were approached by a group of Swedish pension funds with interest in investing in climate-related projects19. The green bond turned out to be a history-making event that fundamentally changed the way stakeholders such as investors, development experts, policy makers and scientist collaborated. The World Bank’s first green bond has become the blue print for today’s green bond market20.

With coordination support from by International Capital Markets Association (ICMA), the Green Bond Principles emerged. The Green Bond Principles (GBP) are voluntary process guidelines for issuers (e.g. corporations, banking institutions, government) designed to promote integrity in the Green Bond market through guidelines that recommend transparency, disclosure and reporting. They are designed to drive the provision of information needed to increase capital allocation to eligible projects.

18 Climate Bonds Initiative. 2018. Sovereign Green Bonds Briefing https://www.climatebonds.net/files/files/Sovereign_Briefing2017.pdf 19 10 Years of Green Bonds: Creating the Blueprint for Sustainability Across Capital Markets. 2019 http://www.worldbank.org/en/news/immersive-story/2019/03/18/10-years-of-green-bonds-creating-the-blueprint-for- sustainability-across-capital-markets 20 http://pubdocs.worldbank.org/en/632251542641579226/report-impact-green-bond-2018.pdf Readiness and Preparatory Support Page 24 of 37

The Green Bond Principles have four core components21:

• Use of Proceeds – Projects with clear environmental benefits.22 Examples include

o Renewable energy (including production, transmission, appliances and products); o Energy efficiency (such as in new and refurbished buildings, energy storage, district heating, smart grids, appliances and products); o Pollution prevention and control (including reduction of air emissions, greenhouse gas control, soil remediation, waste prevention, waste reduction, waste recycling and energy/emission- efficient waste to energy); o Environmentally sustainable management of living natural resources and land use (including environmentally sustainable agriculture; environmentally sustainable animal husbandry; climate smart farm inputs such as biological crop protection or drip-irrigation; environmentally sustainable fishery and aquaculture; environmentally sustainable forestry, including afforestation or reforestation, and preservation or restoration of natural landscapes); o Terrestrial and aquatic biodiversity conservation (including the protection of coastal, marine and watershed environments); o Clean transportation (such as electric, hybrid, public, rail, non-motorised, multi-modal transportation, infrastructure for clean energy vehicles and reduction of harmful emissions); o Sustainable water and wastewater management (including sustainable infrastructure for clean and/or drinking water, wastewater treatment, sustainable urban drainage systems and river training and other forms of flood mitigation); o Climate change adaptation (including information support systems, such as climate observation and early warning systems); o Eco-efficient and/or circular economy adapted products, production technologies and processes (such as development and introduction of environmentally sustainable products, with an eco-label or environmental certification, resources-efficient packaging and distribution); o Green buildings that meet regional, national or international recognized standards or certifications.

• Process for Project Evaluation and Selection – Bond issuers must communicate with the investors (those who buy the bonds) the eligibility process and criteria. The process should be supplements by an external review (e.g. Second Party Opinion, Certification). Certifiers work with issuers to develop the product to be issued to raise funds for projects

• Management of Proceeds – The net proceeds are credited to a sub-account. It recommends an auditor to verify the internal tracking method and allocation of funds from the green bond process.

• Reporting – Issuers should have readily available data on the use of proceeds to be renewed annually until full allocation.

GREEN BONDS IN EMERGING MARKETS

21 ICMA. 2018. Green Bond Principles: Voluntary Process Guidelines for issuing Green Bonds.- https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/June-2018/Green-Bond-Principles---June-2018- 140618-WEB.pdf 22 https://www.globalgreenbondpartnership.org/readiness-framework Readiness and Preparatory Support Page 25 of 37

The green bond framework tends to focus on mitigation versus adaptation. In 2018 ~40% of the bonds went to the energy sector and in 2019 the sector remains a top recipient of green bond financing while adaptation still benefits the least (show figure) (Climate Bonds Market Summary 201823).

To date, the two Small Island Developing States- Fiji and Seychelles, are participating in the green bond market, issuing sovereign green bonds:

• Fiji: In 2017 Fiji24 became the first emerging market economy as well as the first amongst small island states, to offer a sovereign bond. Fiji issued a two- tranche FJD 100 million green bond at the end of 2017 that includes expenditures such as tax exemptions, tax credits, and subsidies. Sustainalytics provided a second opinion that found Fiji’s Green Bond Framework to be credible, transparent and aligned with the 2017 Green Bond Principles. The Fiji Sovereign Green Bond (FSGB) has encouraged private sector climate finance expedite climate action at the national and local level. Their green bond is unique as it largely adaptation focused, with 90.6% spending on adaptation projects and 9.4% on mitigation projects. Fiji has demonstrated that green capital markets can be created in emerging economies.

• Seychelles: Seychelles became the first country to issue a blue bond to finance fisheries projects, making it the world’s first country to utilize capital markets for funding sustainable use of marine resources.

Green bonds in the Latin America and Caribbean region

Green bonds are proving to be successful at tapping into private sector capital. In examining the Latin America and the Caribbean, between 2014-2017 the region issued US$8.4 billion in bonds with green focus in local and international markets25. However all of these bonds were issued in the Latin American countries of Mexico, Brazil, Chile, Colombia, Argentina, Costa Rica and Peru and none were issued by the Caribbean.

As Caribbean nations explore alternative forms of sustainable financing, the concept of green bond must be investigated. The experiences from other countries are showing that this new asset class has potential benefits:

• Raises awareness of climate change and encourages institutional investors to support climate action • Effective tool to manage climate risks • Fosters socially and environmentally responsible investments

This readiness proposal investigates the potential for the market and lays the ground work for establish a green bond market and a Caribbean Green Bond Listing.

23 Climate Bonds Initiative. Green Bonds Markey Summary Q1 2019. April 2019. https://www.climatebonds.net/files/reports/global_q1_2019_highlights_0.pdf 24 Fiji Sovereign Green Bond – Impact Report 2018https://www.rbf.gov.fj/getattachment/13c25972-9998-42fc- 8126-a9152948657c/Fiji-Sovereign-Green-Bond-Impact-Report-2018 25 Velloso, H. 2017. The rise of green bonds: Financing for development in Latin America and the Caribbean Economic Commission for Latin America and the Caribbean https://repositorio.cepal.org/bitstream/handle/11362/42230/1/S1700985_en.pdf

Readiness and Preparatory Support Page 26 of 37

• Annex 3: Sample of Green Bond Listing Roadmap

Readiness and Preparatory Support Page 27 of 37

• Annex 4: Terms of References

Position/Title Project Associate

Consultancy Level Local

Duration 21 months

Specific objective:

The overall objective of this consultancy is to provide management and administration oversight of the readiness grant. The scope of work includes the following activities:

• Prepare the implementation work plan for achieving of activities outlined in the proposal in the allocated timeframe • Keep abreast of implementation schedule, disbursement schedule and reporting for timely submission to GCF • Support the drafting of the Terms of References (ToR) for the consultants • Coordinate the recruitment and selection of the international consultants • Prepare and revise work/financial plans as required by NDA and GCF • Provide logistical support to event management (meeting and workshops related to the readiness grant) • Follow up on local travel arrangements • Prepare Request for Proposals, quotations, specification sheets and evaluation reports for the procurement of goods and services. • Manage procurement of goods/services as per project requirements for the NDA, in collaboration with the Procurement Unit of the Ministry. • Share all reports with the NDA for review prior to final approval • Liaise frequently with the Project Accounts and Procurement Officer (Project Assistant based at CCD • Ensure timely preparation and submission of documents for audit at end of project • Maintain all files and records of the readiness grant

Reporting: The Project Associate will report to the assigned lead at the Jamaica Stock Exchange

Qualifications/Minimum requirements

• A Bachelor’s Degree in Public/Business Administration or related discipline. Knowledge of climate change would be an asset. Five years working experience in administration in the Jamaica Civil Service. Certification in project management would be an asset. OR • Associate Degree in Public/Business Administration or related discipline. Knowledge of climate change strategies would be an asset. Six years working experience in administration. Experience in project management would be an asset.

• Candidate must be competent in the use of Microsoft suite of tools and have technical skills such as basic project management, analytical skills and planning and organizing. Core competencies include good oral and written communication skills, good interpersonal skills, results and team oriented and good time management skills and demonstrate accountability.

Notes26:

• All positions will be open to equally qualified male and female applicants.

26 The local consultant will be paid from the Project Management Costs. All disbursements will be made on a monthly basis. Readiness and Preparatory Support Page 28 of 37

Position/Title Consultant to undertake a market assessment

Consultancy Level Local

Consultancy type Consultancy Firm

Duration 6 months

Specific objective:

The overall objective of this consultancy is to conduct an assessment of the debt capital market structure for bonds and create the necessary guidelines and policies for a green bond market for the region. Key tasks of the assignment are as follows:

Local consultancy firm

• Prepare a Green Bond Market Assessment Report (review of priorities and regulatory framework, green bond issuances, expectations, cost-benefit analysis, limitations, barriers experienced by institutions interested in green bond issuance, interest among investors) • Create a database of green pipeline projects (per sector)

Proposed deliverables:

Green bond assessment report

Reporting: The Consultancy team will report to the assigned lead at the Jamaica Stock Exchange.

Qualifications/Minimum requirements

• A degree in Economics, Finance, Banking, Business Administration or any other relevant discipline • At least 7 years’ experience in the financial and banking (financing and credit provisions) • Significant work experience with financial instruments and finance for project development • Experience undertaking a similar assignment would be an asset • Experience working with Development Finance Institutions • Proven experience green bond market

Readiness and Preparatory Support Page 29 of 37

Position/Title Consultancy to develop roadmap and develop green bond guidelines

Consultancy Level International

Consultancy type Consultancy Firm

Duration 4 months

Specific objective:

The overall objective of this consultancy is to create the necessary guidelines and policies for a green bond market for the region. Key tasks of the assignment are as follows:

• Develop Green Bond Standards and guidelines for the Caribbean region based on international standards for green bonds • Prepare a roadmap for development of Green Bond Listing and market ecosystem

Proposed deliverables:

• Road map for development of Green Bond listing and market ecosystem • JSE Green Bond Standards • Guidelines for Caribbean • Guidelines regarding additional regulations required

Reporting: The Consultancy team will report to the assigned lead at the Jamaica Stock Exchange.

Qualifications/Minimum requirements

Readiness and Preparatory Support Page 30 of 37

Position/Title Project Accountant & Procurement Officer (Project Assistant)

Consultancy Level International

Duration 21 months

Specific objective:

The overall objective of this consultancy is to support procurement and financial activities:

Procurement

• Prepare procurement plans for all project assets • Draft Terms of Reference, bidding documents for all project tender packages • Carry out procedures regarding procurement, bid evaluation and selection in accordance with GOJ procedures/guidelines • Participate in Evaluation Committee meetings • Make payments for goods and services, inclusive of consultancy fees

Accounting

• Prepare month financial reports and projected expenditure • Prepare budget estimates for workshops/roadshows • Review, arrangement payment and record all expenditure • Provide guidance and update other project staff on the financial and accounting procedures and regulations of GOJ • Work in collaboration with the Finance Directorate to obtain statements for audit

Administrative

• Ensure proper and complete documentation and filing for easy retrieval of all accounting related documents • Facilitate travel arrangements

Reporting: The Project Accountant and Procurement Officer (Project Assistant) will report to the Principal Director of the Climate Change Division of Ministry of Economic Growth and Job Creation. This position will be based at the CCD.

Qualifications/Minimum requirements

Notes27: All positions will be open to equally qualified male and female applicants.

27 The local consultant will be paid from the Delivery Partner Fee. All disbursements will be made on a monthly basis. Readiness and Preparatory Support Page 31 of 37

Position/Title Finance Assistant

Consultancy Level Local

Duration 21 months (part-time)

Specific objective:

The overall objective of this consultancy is to support processing of payments, monthly expenditure reporting and providing audit support.

• Ensure payments are made in a timely manner • Provide monthly updates on project expenditure • Ensure all financial reports are submitted • Preparation of statement of financial position and other related documents for audit • Provide feedback on the progress of payments • Work in collaboration with the staff of the Climate Change Division • Facilitate travel arrangements

Reporting: The Finance Assistant will report to the Finance Directorate

Qualifications/Minimum requirements

• The candidate should possess an Associate Degree in Finance, Banking or any other related field • Five to ten years’ experience of similar work experience is required • The candidate should have high level of integrity, accountability, and punctuality and be willing to work beyond normal working hours. • He/she should be a good team player. • Candidate should be able to work independently – with minimum supervision and guidance from supervisors. • Demonstrated and extensive social media experience is an added advantage. • Excellent written and oral English communication skills and proficiency are required. • He/she should have advanced working knowledge of MS Office (Word, PowerPoint, Excel).

Notes: All positions will be open to equally qualified male and female applicants.

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Position/Title Training Consultant

Consultancy Level Local

Duration 4 months (lump sum based on deliverables)

Specific objective:

The overall objective of this consultancy is to develop a training programme and support content for the JSE e- campus. The training consultant will undertake the following activities:

• Develop training modules aimed at building capacity of market players in green bonds and the new green bond market facility (i.e. handbook, presentations, activities, course outline, Train the Trainers manual) • Design interactive sessions for the online platform using audio clips, videos and e-books • Convene Train the Trainers regional workshop • Convene at least 4 training sessions online the train investors, issuers, verifiers and brokers • Prepare workshop reports • Compile information to host on the JSE e-campus site

Proposed deliverables:

• Training curriculum (training modules developed and Train-the Trainers manual) • Training modules organized and upload to online platform • Hosting of workshop and preparation of training workshop reports and lessons learned

Reporting: The Training Consultant will report to the Project Manager

Qualifications/Minimum requirements

• The candidate should possess at least an advanced degree (Masters or higher) • Five to ten years’ experience in the field • Experience in curriculum development would be an asset. • Experience in the design and facilitation of training for adults. • Experience working in Jamaica or Caribbean region

Notes: All positions will be open to equally qualified male and female applicants.

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Position/Title Project Development Specialist

Consultancy Level International

Duration 6 months

Specific objective:

The overall objective of this consultancy is to develop a GCF Concept note for one Green Bond Facility for the Caribbean, using the GCF Concept Note template

• Review of documentation including but not limited to: existing Concept Note, project documents/progress reports of, as well as GCF related templates, policies and guidelines • Conduct a preliminary assessment/analysis of the following: the relevance of the proposed intervention, theory of change, proposed modalities for project implementation, project sustainability, preliminary indication of the project activities, resources required, timing/phasing and estimated costs, and a preliminary logical framework, review the proposed modality for implementation taking account of pertinent technical, economic and financial, institutional and management, environmental and sociocultural, regulatory and operational aspects, analyse and document likely resource/cost implications. • Provide recommendations for further actions for project formulation and implementation • Convene meetings with key stakeholders, using participatory approaches as appropriate. These stakeholders include • Conduct three site visits for face-to-face consultations with stakeholders, documentation and gathering data.

Proposed deliverables

• One Draft Project Concept • Pre-feasibility study report – stakeholder engagement plan, consultation reports etc • Final Project Concept agreed by Accredited Entity, NDA and stakeholders

Reporting: The Project Development Specialist will report to the Principal Director of the Climate Change Division of Ministry of Economic Growth and Job Creation.

Qualifications/Minimum requirements

• The candidate should possess at least an advanced degree (Masters or higher) in Project Management, Environmental Studies, Business Administration, Finance, Climate Policy or a relevant field; • Candidate must have at least 4-5 years of proven experience in project/programme development and management in climate change, preferably in the Caribbean region • Candidate must have experience working with the private sector and private sector financing • Experience with a Development Finance Institution would be an advantage • Demonstrate previous success in development and approval of multilateral funded projects (Adaptation Fund, Global Environment Facility and Green Climate Fund (GCF). Experience with the Green Climate Fund (GCF) is preferred; • Candidate should outline at least three relevant and successful projects developed over the last 4-5 years which highlights their experience; • Candidate must have an understanding of incremental costing for climate finance projects; • Candidate should outline experience in grant proposal writing and project development training; • Candidate must be fluent in both written and spoken English.

Notes: All positions will be open to equally qualified male and female applicants. Readiness and Preparatory Support Page 34 of 37

• Annex 5: Budget Plan and Budget Notes

5.1 Budget Plan Please add rows for Outcomes, Outputs and Cost Categories as required. Additional budget categories may be added by manually typing them on the Budget Category sheet.

Detailed Budget (in US$) Disbursement Plan Total Budget Total Budget Outcomes Budget Categories # of Total Budget Unit Unit Cost (per budget (per outcome) 6m 12m 18m 24m 30m 36m choose from the drop-down list Unit (per sub-outcome) category) Sub-outcome 4.1: Climate finance Consultant - Individual - Local W/Day 180 400.00 72,000.00 72,000.00 strategy defines the potential use of a Consultant - Individual - W/Day 90 600.00 54,000.00 54,000.00 combination of funding options from International public resources; tariffs, and Consultant - Individual - Local W/Day 180 250.00 45,000.00 45,000.00 international cooperation; financing Travel - International 1 16,000.00 16,000.00 204,500.00 16,000.00 instruments such as loans, bonds, Workshop/Training 1 7,500.00 7,500.00 7,500.00 equity and others; private investment; and or the blending of financial Travel - International 1 10,000.00 10,000.00 10,000.00 instruments Consultant - Individual - W/Day 90 600.00 54,000.00 54,000.00 International Travel - International 3 4,500.00 13,500.00 13,500.00 Outcome 4: Climate Consultant - Individual - Local W/Day 120 300.00 36,000.00 36,000.00 Finance strategies and Sub-outcome 4.6 Crowding in private Consultant - Individual - Local W/Day 120 250.00 30,000.00 477,500.00 30,000.00 project pipeline 171,500.00 sector investments Workshop/Training 1 3,000.00 3,000.00 3,000.00 strengthened Professional Services – 1 20,000.00 20,000.00 20,000.00 Companies/Firm Travel - International 1 10,000.00 10,000.00 10,000.00 Workshop/Training 1 5,000.00 5,000.00 5,000.00 Consultant - Individual - W/Day 120 300.00 36,000.00 36,000.00 International Workshop/Training 1 15,000.00 15,000.00 15,000.00 Sub-outcome 4.3 Project Concept Consultant - Individual - Local W/Day 120 250.00 30,000.00 30,000.00 101,500.00 Note Development Travel - International 1 6,500.00 6,500.00 6,500.00 Audio Visual & Printing 1 7,000.00 7,000.00 7,000.00 Professional Services – 1 7,000.00 7,000.00 7,000.00 Companies/Firm Total Outcome Budget Actual amount Maximum 477,500.00 PMC 204,500.00 171,500.00 51,500.00 50,000.00 - - Consultant - Individual - Local Month 21 1,320.00 27,720.00 and % of PMC that can be Audit Fee Lumpsum 1 8,000.00 8,000.00 requested: requested: Project Management Cost (PMC) do not change the do not change - Up to 7.5% of Total Activity Budget formula the formula - 35,720.00 35,812.50 - 7.48% 7.50%

FOR GREEN CLIMATE FUND SECRETARIAT'S USE ONLY Breakdown (per budget category) Total (per budget category) Audio Visual & Printing 7,000.00 Audit Fee 8,000.00 FOR GREEN CLIMATE FUND SECRETARIAT'S USE ONLY Consultant - Individual - International 144,000.00 Consultant - Individual - Local 240,720.00 Total Outcome Budget 477,500.00 Professional Services – Companies/Firm 27,000.00 Project Management Cost (PMC) 7.5% requested 35,720.00 IT Equipment - Contingency 5% requested 23,875.00 Office Supplies - Travel - International 56,000.00 Travel – Local - Sub-Total (Total Outcome Budget + Contingency + PMC) 537,095.00 Workshop/Training 30,500.00 0 - Delivery Partner Fee (DP) - Up to 8.5% of the Sub-Total 45,653.08 0 - 0 - 0 - Total Project Budget (Total Activity Budget + Contingency + PMC + DP) $ 582,749.00 0 - Total Outcome Budget + PMC 513,220.00 Readiness and Preparatory Support Page 35 of 37

Budget Note Detailed Description

Line 10 Travel for Caribbean dialogue for participants for activity 1.1. Participants to attend meeting in Jamaica. Using a DSA tate of US$384 per day with accommodation being 87% of DSA for meeting in Montego Bay for 20 participants for 2 days. Total is US$16,000

Line 11 Knowledge Field Trips (3) in Kingston, Montego Bay and Mandeville for activity 1.1 -Workshop costs Kingston (US$3000), Montego Bay (US$2500), Mandeville (US$2000). Total costs is US$7,500 Line 12 First regional workshop for activity 1.1 in Montego Bay - Hotel venue and catering (US$10,000)

Line 13 International consultant to develop guidelines for activity 2.1 @US$600 per 90 days = US$54,000

Travel for JSE to visit an established Exchange for activity 2.1 - Using the rate from Jamaica to Luxembourg for 3 persons from JSE via Economy Line 14 US$3000 per person; DSA based on UN rate for Luxembourg (Circular for August 2019) - US$366 with accommodation being 61% of the DSA for 4 days for 3 persons =US$4392 rounded to US$4500 for DSA. Total for travel is US$13,500.

Line 17 Convene training for each group of market player (all subsequent training sessions will be via the online platform). Private sector will provide upfront costs to attend for activity 3.1. Venue + Catering - Total is US$3000. Market players will pay to attend workshop for an affordable fee. Line 18 Professional services - Film production for video clips and audio clips for online platform for activity 3.1. Total is US$20,000

Travel for 3 members of JSE to Dominica for activity 3.2 (Travel via Caribbean airlines (Kingston to Barbados - overnighting both ways) - US$1600 + Line 19 Barbados to Dominica (US$900) + DSA based on UN rate for Dominica (Circular August 2019) - US$315 with accommodation being 56% of the DSA for 8 days for 3 persons (US$7560) rounded to US$7500. Total is US$10,000 Line 20 Convene knowledge sessions and training workshops with market players for activity 3.2. Venue & Catering - Total is US$5000.

Line 21 Project Development Specialist will develop one concept note for submission to GCF @US$300 per day for 120 working days as defined in activity 3.3 (Readiness Outcome 4.3). Total is US$36,000.

Line 24 Participation in at two regional forum (e.g Caribbean Investors Forum). DSA at US$350 per day for 3 days for two persons (~US$2,5000). Travel for regional forum. Airfare estimated at US$2000 for return trip for 2 persons. (US$4000) . Total is US$6,500. Line 25 Audi visual and printing - Brochures/ Flyers etc for events. Total is US$7000 Line 26 Film company to produce a 1 minute promotional video. Total is US$7000 Project Management cost Line 27 Project Associate -US$1320 per month for 21 months. Total is US$27,720 Line 28 Audit - first year and final year of initiative. Total is US$8,000 Delivery partner fee

Project Accounting and Procurement Officer (PAPO) (Project Assistant) US$ per month US$25,000 (21 months) + Finance Assistant (Part-time for 21 months) (US$12,000) + Local travel allowance (US$2000 - PAPO) + Local Travel (US$3000 PM) to complement salary + Advertising for 3 consultants (Consultancy team to conduct market assessment and develop road map + Public Relations and Communications Specialist + Training Consultant (US$3000) + Office supplies (US$653.08) Total is US$45,653.08 Readiness and Preparatory Support Page 36 of 37

• Annex 6: Procurement Plan and Procurement of Tranche #1

5.2 Procurement Plan For goods, services, and consultancies to be procured, please list the items, descriptions in relation to the activities in Section 3, estimated cost, procurement method, relevant threshold, and the estimated dates. Please include the procurement plan for at least the first tranche of disbursement requested below and provide a full procurement plan for the entire duration of the implementation period if available at this stage.

Thresholds Estimated Cost Item Item Description Procurement Method (Min-Max monetary value for which indicated Estimated Start Date Projected Contracting Date (US$) procurement method must be used) Goods and Non-Consulting Services Audio visual & printing brochures 7,000.00 Direct Procurement Up to $1.5M JMD Month 9 Month 9 Office supplies (DP) stationery 653.08 Direct Procurement Up to $1.5M JMD Month 1 on-going Travel in country to workshops and Travel --local (DP) 5,000.00 Direct Procurement Up to $1.5M JMD Month 1 on-going meetings Travel - international travel for regional workshop 56,000.00 Direct Procurement Up to $1.5M JMD Month 3 on-going All training workshops and Workshop/training 30,500.00 Direct Procurement Up to $1.5M JMD Month 11 Month 11 promotional campaigns Advertising (DP) Advertising for 3 consultats 3,000.00 Direct Procurement Up to $1.5M JMD Month 1 not applicable Sub-Total (US$) $ 102,153.08

Consultancy Services Consultant - International Diagnostic & Finance Team 108,000.00 International competitive bidding $10M - $60M JMD Month 1 Month 3 Public Relations & Consultant - Local 105,000.00 Local competitive bidding $10M - $60M JMD Month 1 Month 3 Communications Specialist Consultant - Local Training Consultant 108,000.00 Local competitive bidding $10M - $60M JMD Month 1 Month 6 Above $1.5M - $5M JMD (minimum of 3 Professional services Video Production 27,000.00 Local competitive bidding Month 9 Month 11 quotations required) Auditor Audit fee 8,000.00 Direct Procurement Up to $1.5M JMD Month 11 Month 11 Project Associate (using project Above $1.5M - $5M JMD (minimum of 3 Consultant - Local 27,720.00 Direct Procurement Month 1 Month 3 management costs) quotations required) Above $1.5M - $5M JMD (minimum of 3 Consultant - International Project Development Specialist 36,000.00 Direct Procurement Month 10 Month 18 quotations required) Project Accountant & Procurement Above $1.5M - $5M JMD (minimum of 3 Delivery Partner (DP) Fee 25,000.00 Direct Procurement Month 1 Month 3 Officer (Project Assistant) quotations required) Delivery Partner (DP) Fee Finance Assistant 12,000.00 Direct Procurement Under $1.5M Month 1 Month 3 Sub-Total (US$) $ 456,720.00 Readiness and Preparatory Support Page 37 of 37

Procurement Plan for first tranche Tranche 1 Category Description Amount Consultant to undertake the market Consultant - Individual - Local assessment 72000 Consultant to develop road map for green Consultant - Individual - International bond market 54000 Consultant - Individual - Local PR and Communications Specialist 45000 Air travel and hotel accommodation + DSA (Travel for Caribbean dialogue for participants Travel - International for activity 1.1. ) 16000 Knowledge Field Trips (3) in Kingston, Workshop/Training Montego Bay and Mandeville for activity 1.1 7500 First regional workshop for activity 1.1 in Disbursements Amount Montego Bay - Hotel venue and catering Travel - International (US$10,000) 10000 Tranche 1 250,000 Project Management Cost Consultant - Individual - Local Project Associate 9000 Office supplies Stationery 654 Tranche 2 200,000 Travel – Local Travel to meetings 5000 Tranche 3 82,749 Project Accountant & Procurement Officer Delivery Partner fee (Project Assistant) 10000 Contingency Tranche 4 50,000 Contingency 20846 TOTAL 250,000.00 Total 582,749 i The Volcanic Geology of the Mid-arc island, Dominica: The Surface Expression of an island arc-Batholith, Allan Smith 2013 5.1 Budget Plan Please add rows for Outcomes, Outputs and Cost Categories as required. Additional budget categories may be added by manually typing them on the Budget Category sheet.

Consultant - Individual - W/Day 90 600.00 54,000.00 54,000.00 International Travel - International 3 4,500.00 13,500.00 13,500.00 Outcome 4: Climate Consultant - Individual - Local W/Day 120 300.00 36,000.00 36,000.00 Finance strategies and Sub-outcome 4.6 Crowding in private Consultant - Individual - Local W/Day 120 250.00 30,000.00 477,500.00 30,000.00 project pipeline 171,500.00 sector investments Workshop/Training 1 3,000.00 3,000.00 3,000.00 strengthened Professional Services – 1 20,000.00 20,000.00 20,000.00 Companies/Firm Travel - International 1 10,000.00 10,000.00 10,000.00 Workshop/Training 1 5,000.00 5,000.00 5,000.00 Consultant - Individual - W/Day 120 300.00 36,000.00 36,000.00 International Workshop/Training 1 15,000.00 15,000.00 15,000.00 Sub-outcome 4.3 Project Concept Note Consultant - Individual - Local W/Day 120 250.00 30,000.00 30,000.00 101,500.00 Development Travel - International 1 6,500.00 6,500.00 6,500.00 Audio Visual & Printing 1 7,000.00 7,000.00 7,000.00 Professional Services – 1 7,000.00 7,000.00 7,000.00 Companies/Firm Total Outcome Budget Actual amount and Maximum 477,500.00 PMC 204,500.00 171,500.00 51,500.00 50,000.00 - - Consultant - Individual - Local Month 21 1,320.00 27,720.00 % of PMC that can be Audit Fee Lumpsum 1 8,000.00 8,000.00 requested: requested: Project Management Cost (PMC) do not change the do not change - Up to 7.5% of Total Activity Budget formula the formula - 35,720.00 35,812.50 - 7.48% 7.50%

FOR GREEN CLIMATE FUND SECRETARIAT'S USE ONLY Breakdown (per budget category) Total (per budget category) Audio Visual & Printing 7,000.00 Audit Fee 8,000.00 FOR GREEN CLIMATE FUND SECRETARIAT'S USE ONLY Consultant - Individual - International 144,000.00 Consultant - Individual - Local 240,720.00 Total Outcome Budget 477,500.00 Professional Services – Companies/Firm 27,000.00 Project Management Cost (PMC) 7.5% requested 35,720.00 IT Equipment - Contingency 5% requested 23,875.00 Office Supplies - Travel - International 46,000.00 Travel – Local - Sub-Total (Total Outcome Budget + Contingency + PMC) 537,095.00 Workshop/Training 40,500.00 0 - Delivery Partner Fee (DP) - Up to 8.5% of the Sub-Total 45,653.08 0 - 0 - 0 - Total Project Budget (Total Activity Budget + Contingency + PMC + DP) $ 582,749.00 0 - Total Outcome Budget + PMC 513,220.00 Budget Note Detailed Description

Line 7 Local consultant to undertake market assessment @US$400 per day for 180 working days for activity 1.1 . Total is US$72,000 Line 8 International consultant to develop roadmap @US$600 per day for 90 days for activity 1.1. Total is US$54,000 Line 9 PR & Communications Specialist to develop Communication Strategy @US$250 per day for 180 days for activity 1.1. Total is US$45,000. Travel for Caribbean dialogue for participants for activity 1.1. Participants to attend meeting in Jamaica. Using a DSA tate of US$384 per day with Line 10 accommodation being 87% of DSA for meeting in Montego Bay for 20 participants for 2 days. Total is US$16,000 Knowledge Field Trips (3) in Kingston, Montego Bay and Mandeville for activity 1.1 -Workshop costs Kingston (US$3000), Montego Bay (US$2500), Line 11 Mandeville (US$2000). Total costs is US$7,500 Line 12 First regional workshop for activity 1.1 in Montego Bay - Hotel venue and catering (US$10,000)

Line 13 International consultant to develop guidelines for activity 2.1 @US$600 per 90 days = US$54,000 Travel for JSE to visit an established Exchange for activity 2.1 - Using the rate from Jamaica to Luxembourg for 3 persons from JSE via Economy US$3000 Line 14 per person; DSA based on UN rate for Luxembourg (Circular for August 2019) - US$366 with accommodation being 61% of the DSA for 4 days for 3 persons =US$4392 rounded to US$4500 for DSA. Total for travel is US$13,500.

Line 15 Local consultant - Training consultant to develop training module, handbook and support online platform @US$300 per day for 120 days for activity 3.1. Total is US$36,000 Line 16 Local consultant - PR & Communications Specialist @US$250 for 120 days. Total is US$30,000 Convene training for each group of market player (all subsequent training sessions will be via the online platform). Private sector will provide upfront costs to Line 17 attend for activity 3.1. Venue + Catering - Total is US$3000. Market players will pay to attend workshop for an affordable fee. Line 18 Professional services - Film production for video clips and audio clips for online platform for activity 3.1. Total is US$20,000

Line 21 Project Development Specialist will develop one concept note for submission to GCF @US$300 per day for 120 working days as defined in activity 3.3 (Readiness Outcome 4.3). Total is US$36,000.

Line 22 PR & Communications Specialist to convene promotional campaigns (2 events and a press conference). Each event estimated at US$5000 for venue, catering, media kits, materials and equipment). Total is US$15,000. Line 23 Local consultant - PR& Communication Specialist @US$250 per day for 120 days. Total is US$30,000 Participation in at two regional forum (e.g Caribbean Investors Forum). DSA at US$350 per day for 3 days for two persons (~US$2,5000). Travel for regional Line 24 forum. Airfare estimated at US$2000 for return trip for 2 persons. (US$4000) . Total is US$6,500. Line 25 Audi visual and printing - Brochures/ Flyers etc for events. Total is US$7000 Line 26 Film company to produce a 1 minute promotional video. Total is US$7000 Project Management cost Line 27 Project Associate -US$1320 per month for 21 months. Total is US$27,720 Line 28 Audit - first year and final year of initiative. Total is US$8,000 Delivery partner fee Project Accounting and Procurement Officer (PAPO) (Project Assistant) US$ per month US$25,000 (21 months) + Finance Assistant (Part-time for 21 months) (US$12,000) + Local travel allowance (US$2000 - PAPO) + Local Travel (US$3000 PM) to complement salary + Advertising for 3 consultants (Consultancy team to conduct market assessment and develop road map + Public Relations and Communications Specialist + Training Consultant (US$3000) + Office supplies (US$653.08) Total is US$45,653.08 5.2 Procurement Plan For goods, services, and consultancies to be procured, please list the items, descriptions in relation to the activities in Section 3, estimated cost, procurement method, relevant threshold, and the estimated dates. Please include the procurement plan for at least the first tranche of disbursement requested below and provide a full procurement plan for the entire duration of the implementation period if available at this stage.

Thresholds Item Item Description Estimated Cost (US$) Procurement Method (Min-Max monetary value for which indicated Estimated Start Date Projected Contracting Date procurement method must be used) Goods and Non-Consulting Services Audio visual & printing brochures 7,000.00 Direct Procurement Up to $1.5M JMD Month 9 Month 9 Office supplies (DP) stationery 653.08 Direct Procurement Up to $1.5M JMD Month 1 on-going Travel in country to workshops and Travel --local (DP) 5,000.00 Direct Procurement Up to $1.5M JMD Month 1 on-going meetings Travel - international travel for regional workshop 56,000.00 Direct Procurement Up to $1.5M JMD Month 3 on-going All training workshops and Workshop/training 30,500.00 Direct Procurement Up to $1.5M JMD Month 11 Month 11 promotional campaigns Advertising (DP) Advertising for 3 consultats 3,000.00 Direct Procurement Up to $1.5M JMD Month 1 not applicable Sub-Total (US$) $ 102,153.08

Consultancy Services Consultant - International Diagnostic & Finance Team 108,000.00 International competitive bidding $10M - $60M JMD Month 1 Month 3 Public Relations & Communications Consultant - Local 105,000.00 Local competitive bidding $10M - $60M JMD Month 1 Month 3 Specialist Consultant - Local Training Consultant 108,000.00 Local competitive bidding $10M - $60M JMD Month 1 Month 6 Above $1.5M - $5M JMD (minimum of 3 Professional services Video Production 27,000.00 Local competitive bidding Month 9 Month 11 quotations required) Auditor Audit fee 8,000.00 Direct Procurement Up to $1.5M JMD Month 11 Month 11 Project Associate (using project Above $1.5M - $5M JMD (minimum of 3 Consultant - Local 27,720.00 Direct Procurement Month 1 Month 3 management costs) quotations required) Above $1.5M - $5M JMD (minimum of 3 Consultant - International Project Development Specialist 36,000.00 Direct Procurement Month 10 Month 18 quotations required) Project Accountant & Procurement Above $1.5M - $5M JMD (minimum of 3 Delivery Partner (DP) Fee 25,000.00 Direct Procurement Month 1 Month 3 Officer (Project Assistant) quotations required) Delivery Partner (DP) Fee Finance Assistant 12,000.00 Direct Procurement Under $1.5M Month 1 Month 3 Sub-Total (US$) $ 456,720.00 Procurement Plan for first tranche Tranche 1 Category Description Amount Disbursements Amount Consultant - Individual - Local Consultant to undertake the market assessment 72000 Tranche 1 250,000 Consultant to develop road map for green bond Consultant - Individual - International market 54000 Tranche 2 200,000 Consultant - Individual - Local PR and Communications Specialist 45000 Tranche 3 82,749 Air travel and hotel accommodation + DSA (Travel for Caribbean dialogue for participants for activity Travel - International 1.1. ) 16000 Tranche 4 50,000 Knowledge Field Trips (3) in Kingston, Montego Bay Workshop/Training and Mandeville for activity 1.1 7500 Total 582,749

First regional workshop for activity 1.1 in Montego Travel - International Bay - Hotel venue and catering (US$10,000) 10000 Project Management Cost Consultant - Individual - Local Project Associate 9000 Office supplies Stationery 654 Travel – Local Travel to meetings 5000 Project Accountant & Procurement Officer (Project Delivery Partner fee Assistant) 10000 Contingency Contingency 20846 TOTAL 250,000.00