Development of an ESG Policy and Implementation Strategy

Terms of Reference (TOR) for Consultant

Development of an ESG Policy and Implementation Strategy Document

for Invest Turks and Caicos (Invest TCI)

1. Background

Invest Turks and Caicos (Invest TCI) is committed to integrating Environmental, Social, and Governance (ESG) principles into its investment policies and practices to align with global sustainability efforts and national goals outlined in the Government’s Vision 2040. ESG principles act as a bridge toward achieving the United Nations Sustainable Development Goals (SDGs), fostering economic growth while addressing climate change and environmental preservation.

During its 2023 Annual General Meeting (AGM), Invest TCI emphasized the need for developers to integrate ESG principles into their projects, contributing actively to the local community and environment. As a part of its ESG initiatives, Invest TCI seeks to:

1. Incorporate ESG issues into investment decision-making processes.
2. Develop an operational framework for addressing ESG concerns.
3. Include ESG matters in Development Agreements (DAs) with investors.
4. Collaborate with investors to promote and incorporate ESG as part of their operational programs.
5. Monitor and report on progress toward ESG goals.

To further these objectives, Invest TCI requires an ESG Policy and Implementation Strategy Document to guide its efforts and ensure meaningful contributions to the community and environment.

2. Objectives

The primary objectives of this consultancy are to:

1. Develop an ESG framework and/or policy for Invest TCI that aligns with its National Investment Policy, the Government’s Vision 2040, and commitments outlined during the 2023 AGM.
2. Ensure that developers develop a plan for integrating ESG principles into their operations and contribute meaningfully to the local community and environment.

3. Scope of Work

The Consultant will be responsible for the following tasks:

1. Review of Relevant Documentation:
   • Analyze the Government’s Vision 2040, Invest TCI’s National Investment Policy, and AGM commitments.
   • Examine existing ESG frameworks, best practices, and global standards.
2. Stakeholder Engagement:
   • Conduct consultations with key stakeholders, including Invest TCI staff, government representatives, investors, and community leaders.
3. Development of ESG Framework and Policy:
   • Prepare a comprehensive ESG Framework and/or Policy tailored to Invest TCI’s objectives and local context.
4. Drafting ESG Provisions for Development Agreements:
   • Develop a concise and impactful ESG Charter outlining shared responsibilities between Developers Government
5. Creation of ESG Activity Guidelines:
   • Compile a list of specific, actionable ESG activities for developers to consider, such as scholarships, training programs, housing support, environmental conservation initiatives, and more.
6. Implementation Strategy:
   • Outline a high-level strategy for the implementation, monitoring, and reporting of ESG initiatives by Invest TCI and its partners.

4. Expected Deliverables

The Consultant will deliver the following outputs:

1. ESG Framework and Policy: A detailed document outlining ESG principles, criteria, and guidelines for Invest TCI.
2. ESG Clause for Development Agreements: A high-level paragraph to be included in DAs, detailing ESG requirements.
3. List of ESG Activities: A comprehensive and itemized list of sample activities for developers to adopt as part of their ESG commitments.
4. Implementation Strategy: A roadmap for the execution and monitoring of ESG initiatives by Invest TCI and developers.

5. Consultant Qualifications

The ideal Consultant should possess:

• Extensive experience in ESG policy development and implementation.
• Strong knowledge of the SDGs and their application in corporate and investment settings.
• Expertise in stakeholder engagement and community development initiatives.
• Familiarity with government policies, development agreements, and sustainable investment practices.
• Excellent analytical, communication, and report-writing skills.

6. Timeline

The assignment is expected to take 3 months, commencing in December 2024 and concluding in February 2024. Specific deadlines for deliverables will be agreed upon during the inception meeting.

7. Reporting and Supervision

The Consultant will report to the CEO at Invest TCI and will provide regular progress updates.

8. Submission of Proposals

Interested Consultants are invited to submit the following:

1. A technical proposal detailing their approach to the assignment.
2. A financial proposal including the cost breakdown for the consultancy.
3. CV(s) of the Consultant(s) highlighting relevant qualifications and experience.
4. Examples of previous ESG-related work (if applicable).

Proposals should be submitted by December 30, 2024, to jgarland@investturksandcaicos.tc