Development of national sustainability disclosure requirements and support in the implementation of the requirements for financial institutions

Emerging markets and developing economies (EMDEs) have set ambitious targets aligned with the Sustainable Development Goals (SDGs), the Paris Agreement, and the Convention on Biological Diversity (CBD). Achieving these goals requires a fundamental transformation of economic and financial systems, particularly in countries that are highly vulnerable to climate and biodiversity crises and face limitations in financial and institutional capacities.

To support this transformation, the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH is implementing the global project Sustainable Economic Transformation and Sustainable Finance (2Transform) on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), co-funded by the European Union. The project is part of the Team Europe Initiative (TEI) Sustainable Finance Advisory Hub (SFAH) and complements the Global Green Bonds Initiative. It provides targeted technical assistance to partner countries, enabling them to attract private capital for sustainable development and ensure a just and inclusive transition. The project works in two components:

1. Sustainable Finance
This component aims to accelerate the financial sector"s transformation towards sustainability in alignment with international standards and national development goals. The Sustainable Finance component is currently active in Brazil, India, Mexico, Peru, Rwanda, Senegal, Egypt, South Africa and Ghana . The activities are divided in three workstreams:

Global agenda setting and knowledge exchange:
This pillar fosters international dialogue and peer learning, working closely with networks such as the Sustainable Banking and Finance Network (SBFN), UNEP Finance Initiative (UNEP FI). It promotes the interoperability of frameworks and supports partner countries in articulating their needs and positions globally.

Policy and regulatory frameworks:
The project supports the development and enhancement of sustainable finance policies, regulations, and supervisory practices. This includes assistance in drafting taxonomies, sustainability disclosure frameworks and policies, green/sustainable bond frameworks, sustainable finance strategies, and risk-based regulations that foster financial stability and green investments.

Transformation of financial institutions:
The project helps banks and other financial actors embed sustainability in governance, strategies, and operations. To deliver scalable training, GIZ, UNEP FI, and the Chartered Banker Institute have co-founded the Principles for Responsible Banking Academy (PRB Academy). This global learning platform offers both online and in-person trainings based on the PRB. Tailored advisory services are also provided to selected institutions to support their sustainability transformation.

2. Sustainable Economic Transformation
This component offers economic policy advisory services through capacity-building measures to advance green industrial development and the sustainable economic transformation of partner countries. It supports capacity development for evidence-based industrial and economic policymaking within relevant ministries and subordinate authorities - such as ministries of economy, energy, planning, and environment - as well as private sector organisations and structured economic actors (e.g., industry associations). A particular focus lies on green hydrogen and Power-to-X, aiming to maximise the development impact and local value creation of investments in the green hydrogen economy. The project ensures that such investments are meaningfully integrated into evolving national industrial ecosystems.

The contract aims to scale the technical assistance provided by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH to better align financial sector policy and regulation with international standards. This includes developing sustainability disclosure regulations and roadmaps. The contract encompasses technical assistance for public authorities and private sector entities in Peru, as well as similar an option for extension to carry-out activities in additional countries yet to be defined. The contractor will work alongside GIZ to support partners in Peru and the additional countries through capacity building, technical support, and advisory services to develop sustainability disclosure regulations and roadmaps that address local needs and capacities while ensuring global interoperability.

During the contract period, the consultant will work closely with partners, specifically steering committees and technical working groups, the GIZ team in Peru and the countries yet to be defined, and the GIZ team at the headquarters in Frankfurt, Germany. The work will be conducted both remotely and through in-country missions. The expected contract period is from 01.10.2025 (expected start, but the definitive start is the date of award of contract) to 30.09.2026.

The contract includes four work packages (WP) and an option to further scale up support in up to three additional countries:

WP 1: Recommendations on the development of a sustainability reporting regulation
On behalf of BMZ and the European Union, GIZ supports the Peruvian financial sector regulator (Superintendencia de Banca, Seguros y AFP, SBS) in developing a market assessment, an analysis of the legal and regulatory landscape in Peru, and a gap analysis of SBS"s current data evaluation processes ("preparatory work"). This "preparatory work" will be finalized by the start of this contract. The contractor shall consider these deliverables and complement the findings with a global best practice analysis for the adoption of sustainability disclosure standards, based on desk research and interviews with financial sector regulators from other countries. The key learnings from these activities deliverables will help organize a policy roundtable with SBS to discuss the objectives of adopting sustainability reporting standards and present possible approaches to this end. Based on the findings from the studies and the decisions taken at the policy roundtable, the contractor will inform SBS through a recommendation document for potential adoption approaches and their implications.

WP 2: Development of a sustainability disclosure regulation for financial institutions (FIs) in Peru
The contractor shall develop sustainability disclosure requirements for Peruvian financial sector institutions regulated by SBS. Based on the recommendations provided to SBS and considering the perspectives of additional stakeholders such as the national standard-setter (Consejo Nacional de Contabilidad, CNC), other regulators, and regulated institutions, the contractor will guide SBS through the decision points for formulating the guideline outlining the reporting requirements, the scope of targeted firms, and the timeline. The regulation will be subject to a public consultation process, in which the contractor will support SBS.

WP 3: Development of four to five subsector-specific guidance manuals for SBS" regulated entities in Peru
The regulation will be complemented with up to five manuals for SBS-regulated entities, containing specific implementation guidance relevant to particular financial sector entities. At least four manuals must be developed, including those for banks and loan institutions, cooperatives and microfinance institutions, pension fund administrators, and insurance companies. Depending on the segmentation of the financial sector actors regulated by SBS, a fifth manual may be required. The development of these manuals will involve in-depth stakeholder consultations, with the feedback incorporated accordingly. The manuals will be complemented by four to five training sessions on the implementation of the regulation and the use of the manuals.

WP 4: Development of a comprehensive adoption roadmap for Peru
This work package aims to develop a jurisdictional roadmap for the adoption of sustainability reporting requirements in Peru. The roadmap will define the objectives and milestones toward the implementation or other use of the ISSB Standards, potentially complemented by impact materiality reporting requirements, considering the jurisdiction"s particular circumstances. The contractor will map the relevant stakeholders and identify their roles in a national sustainability adoption approach. Additionally, the contractor will set up and continuously provide strategic advice and technical assistance to a regulatory steering committee that defines Peru"s adoption approach for sustainability disclosure standards. Based on preliminary work in the other work packages and, if required, an additional market readiness assessment for the remaining economic sectors, the contractor will identify an appropriate pathway to the adoption of the standards in the form of a roadmap.

Option:
In addition to the four work packages outlined above, there is an option to expand the services of this contract. This expansion includes new work packages for developing national sustainability disclosure roadmaps, sustainability reporting regulations for the financial sector, and implementation guidance materials for individual financial sub-sectors in up to three additional countries yet to be determined. The activities under this contract extension would resemble those in the four work packages, with potential deviations or limitations to a subset of the activities described.

All communication takes place in English via communication tool in the project area of the procurement portal.