Background
African Risk Capacity (ARC) is a Specialised Agency of the African Union.[1] The ARC Agency leads the ARC Group, a development finance institution that provides financial tools and infrastructure to help countries manage natural disaster risk and adapt to climate change. It counts 32 AU countries as members and is supervised by a ministerial level governing board elected by its Conference of the Parties. The ARC design and establishment phase was managed by WFP, under a MoU with the African Union, and WFP continues to provide administrative services support to the ARC Agency through an administrative services agreement.
In 2014, ARC launched its initial risk insurance product for member states through its financial affiliate the ARC Insurance Company Limited (ARC Ltd)[2]. ARC Ltd is a specialist hybrid mutual insurance company and Africa’s first ever disaster insurance pool, aggregating risk by issuing insurance policies to participating governments and transferring it to the international market. ARC Ltd uses the satellite weather surveillance software Africa RiskView, developed by WFP, to estimate the impact of drought on vulnerable populations – and the response costs required to assist them – before a season begins, and as it progresses, so that index-based insurance payouts, based on Africa RiskView, are triggered at or before harvest time if the rains are poor. With a USD 200 million initial capital commitment provided by the governments of Germany (through KfW on behalf of BMZ) and the United Kingdom (DFID), ARC Ltd issued drought insurance policies totalling USD 129 million for a total premium cost of USD 17 million to a first group of African governments – Kenya, Mauritania, Niger and Senegal – in May 2014, marking the launch of the inaugural ARC pool. ARC aims to reach up to 30 countries with drought, flood and cyclone coverage totalling up to USD 1.5 billion in sum insured by 2020. In addition, in February 2015 following the Ebola crisis, the Agency was requested by its Member States to explore epidemic risk coverage and has undertaken a research and development programme to pilot outbreak and epidemic insurance in select countries in 2017.
While African countries are taking action to better manage today’s weather, for example through participating in the ARC and ARC Ltd, significant additional investments will be required to offset the predicted negative impacts of the Africa’s future climate and, at the very least, maintain the current status quo where insurance, together with other risk management and mitigation measures, can be a financially effective tool for managing weather risks. The capital required for such climate change adaptation investment in Africa is substantial however funds have not been forthcoming to the scale required. To support the level of international funding available, countries’ own investment in resilience and adaptation, and to protect the its own value proposition to member states, the ARC is now developing a new financial mechanism, called the Extreme Climate Facility[3], or XCF, that will provide eligible countries – those already managing their weather risk through ARC – with additional funds should extreme weather events in their region – tracked by a state-of-the-art objective index – increase in magnitude and/or frequency. As a parallel to the arrangements for ARC’s insurance programme, where insurance payouts are used by countries to implement pre-defined response contingency plans, where XCF payments are made countries would use those funds to invest in disaster risk reduction or climate change adaption measures specified in pre-defined country-level adaptation plans. The XCF will utilise both public and private sector funds and will facilitate direct access to finance for ARC Member States. It will be most likely structured as an insurance-linked securities (ILS) programme which will finance its liabilities through the issuance of a series of cat bonds targeted at current and future ILS investors looking for increased scale and diversification in their portfolios.
The XCF initiative was formally launched by Dr Ngozi Okonjo-Iweala at the Secretary General’s Climate Summit in New York in September 2014.[4] With the support of the Rockefeller Foundation and the Climate Development Knowledge Network (CDKN) a two-year XCF research and development (R&D) phase to fully conceptualise and design the XCF began in early 2015. To be effective, the following three elements must be central to XCF’s design: 1) implementation-ready country-level adaptation plans conforming to a set standards for climate-resilient investments, or, at the very least, a credible channel through which these additional climate adaptation funds could be directed to participating countries; 2) a data-driven mechanism to track extreme weather events across the continent in an objective manner over time, with established indices, thresholds and criteria for triggering XCF payments to regions; 3) an efficient financial vehicle that could finance XCF’s obligations to African governments over time. The R&D phase will tackle these elements through a multi-disciplinary work programme leveraging the experience and significant work that went into establishing the existing ARC institutional structure. The aim of the R&D work programme is to prepare a significant amount of the groundwork required to enter into an operational phase. Through XCF, ARC aims to secure up to USD 500 million of initial climate adaptation capital from the private markets for ARC Member States in 2017.
Responsibilities
Based in ARC Headquarters in Johannesburg, the Lead Advisor for the XCF Programme will be responsible managing the research and development work of XCF and for translating it into a country-level XCF work programme integrated into on-going ARC country dialogues and programmatic activities and supported by Member States and donors alike. Under the direction of the ARC Director of Research & Development, and working closely with other senior ARC staff, the Lead Advisor will have the following responsibilities:
Programmatic
- Managing consultants contributing to the research and development of XCF, ensuring work is produced on time with high quality and meeting the specific needs for ARC and XCF;
- Overseeing and contributing to the development of XCF’s climate adaptation planning standards and guidelines that define country XCF eligibility criteria to ensure the XCF as an effective and welcome climate risk management tool for ARC Member States;
- Working closely with ARC’s Country Engagement Managers and ARC Member States to develop and execute an in-country capacity building programme for XCF participation, identifying regional and in-country partners to support the required work and additional ARC agency staffing needs to help countries fulfil XCF eligibility criteria;
- Integrating XCF into the package of products provided by the ARC Agency and ARC Ltd to ARC Member States, ensuring incentives are strengthened for country participation in ARC;
- Defining a practical in-country M&E framework for XCF country participation that is accepted by Member States and donors;
- Recruiting, developing and evaluating additional staff, consultants and service providers as required to complete the R&D phase and transition successfully into an XCF operational phase.
Strategic
· Developing and executing a country and donor political engagement strategy to cultivate an understanding in and securing participation of ARC Member States in XCF;
- Developing and implementing a communication strategy to ensure XCF is involved in the on-going climate adaptation dialogues, reaching out to the right partners and is making a positive and effective impact in the climate adaptation planning and financing space as a whole as well as for its Member States;
· Liaising with AU Member States, donors and other strategic partners to secure support for an XCF establishment and operational phase and attracting as many Class A Member States as possible to meet XCF’s eligibility criteria;
- Advising on political developments that could affect XCF objectives and developing potential strategies for navigating them;
· Identifying opportunities for influencing global policy agenda on African climate change adaptation and opportunities for partnerships;
· Securing financial support for XCF establishment and XCF premiums, as well for ARC;
· Represent the XCF and ARC to ARC Member States or other conferences and meetings, as required;
· Supporting the ARC Director of Research & Development or other senior ARC Staff as required.
Qualifications & Experience Required
Education:
· Advanced university degree in Economics, Natural Sciences, Climate Change, Food Security, Risk Management, Development Studies or similar relevant discipline.
Experience:
· At least ten years of postgraduate progressively responsible professional experience in financial risk management. Solid understanding of the (re)insurance, derivative and insurance-linked securities markets, particularly with respective to climate and weather related risks.
· Expertise and experience in capacity building and designing and managing training programmes for developing countries in particular in Africa.
· Experienced in working on climate change adaption projects and issues, with a working knowledge of the UNFCCC, climate adaptation funds and the international dialogues and debates on climate change adaptation, with significant work experience and partnership building in Africa and with sovereigns.
· Experience with development programme evaluations.
· Experience in climate change adaption, agricultural risk management an advantage.
· Self-starter, with strong experience of managing new and developing projects and bringing them to successful fruition demonstrated ability to take a strategic view across a large complex programme.
· Proven track record in project management for large and complex portfolios.
Technical Skills & Knowledge:
· Excellent writer, communicator and team-worker.
· Excellent skills in stakeholder management, negotiation, communication, report-writing, IT, Excel, MIS and delivering quality products on time.
· Numerate with solid knowledge of statistics.
·
Language:
· Fluent in English and French.
HOW TO APPLY:
Terms and Conditions
Selected candidate will be employed on a fixed-term contract with a probationary period of one year to solely support the ARC Agency. He/she will not be entitled to any reassignment, transfer, promotion or conversion to any other type of appointment with WFP; and may not be considered as internal candidate for vacancies in WFP, or the United Nations.
WFP offers an attractive compensation and benefits package, including basic salary, post adjustment, relocation entitlement, travel and shipment allowances, 30 days’ annual leave, home leave, an education grant for dependent children, pension plan and medical insurance.
Please visit the following websites for detailed information on working with ARC and WFP.http://www.africanriskcapacity.org Learn more about the African Risk Capacity. http://www.wfp.org Click on: “Where we work” and “Our work” to learn more about WFP’s operations. http://icsc.un.org Click on: Quick Links > Salary Scales > by date http://www.unstaffmobility.org Learn more about countries where the UN operates
Application Procedures:
Step 1: Register and create your online CV.
Step 2: Click on “Description” to read the position requirements and “Apply” to submit your application.
NOTE: You must complete Step 1 and 2 in order for your application to be considered for this vacancy.
Deadline for applications: 28 August 2016
Qualified female applicants and qualified applicants from developing countries are especially encouraged to apply
WFP has zero tolerance for discrimination and does not discriminate on the basis of HIV/AIDS status.
No appointment under any kind of contract will be offered to members of the UN Advisory Committee on Administrative and Budgetary Questions (ACABQ), International Civil Service Commission (ICSC), FAO Finance Committee, WFP External Auditor, WFP Audit Committee, Joint Inspection Unit (JIU) and other similar bodies within the United Nations system with oversight responsibilities over WFP, both during their service and within three years of ceasing that service.
REF: 16-0021812**
