Narrative description of Project:

Bhutan aims to address climate change through its National Adaptation Plan (NAP) 2023, long-term Low Green Gas Emission and Climate Resilient Development Strategy (LTS), and Nationally Determined Contributions (NDC). Promoting green finance is a key priority. The Royal Monetary Authority (RMA) has developed a green finance roadmap and drafted a green taxonomy framework for the financial sector. To expand this framework, the Ministry of Finance (MOF) and RMA are working on an economy-wide green taxonomy, which will support initiatives like the Bhutan Climate Fund. This project involves drafting this comprehensive green taxonomy framework.

Description of actual services provided in the assignment:

• Review existing documents on climate change adaptation and mitigation, including NAP, LTS, NDU and the green taxonomy framework for the financial sector, and prepare brief on the notable features to be covered in the economy-wide taxonomy framework.
• Conduct consultation workshop and discussion with the relevant stakeholders on the scope of an economy-wide taxonomy framework, especially the sectors identified in NAP, LTS and NDU.
• Review, assess and assist in the development of an economy-wide green taxonomy framework and provide recommendations on its implementation.
• Review and provide inputs on the draft Sustainable Financing Framework developed by the MOF under the ESCAP support to sync with the taxonomy

Approx. value of the contract (in current NRs; US$ or Euro): US$ 33000

Name of Experts:

Michel Köhler

Country: Bhutan and Nepal

Location within Country: Kathmandu, Nepal