Biography
Mr. Prajwal Baral works at the intersection of low carbon technology, sustainable finance and decarbonization policy. He has experience consulting for the likes of the World Bank Treasury, International Finance Corporation (IFC), DBS Bank, the UNEP Inquiry into the Design of a Sustainable Financial System, the United Nations Development Programme (UNDP), C40 Cities Finance Facility, the World Trade Organization (WTO) and several other public/private institutions in Asia, Europe, and the Americas. He was the key consultant in revamping technology classification of WIPO GREEN, an interactive marketplace initiated by the World Intellectual Property Organization (Switzerland) that matches owners of new technologies with individuals or companies seeking to commercialize, license or otherwise distribute a green technology. He was later headhunted by Korea Technology Finance Corporation (S Korea) as the first non-Korean hire in its history of 30 years to set up a financing facility for climate technologies, backed by a tailored technology rating and valuation system. In 2017, he was headhunted by the Development Bank of Singapore (DBS), the largest commercial bank in South East Asia with USD 50 billion of market capitalization, to assess green financing opportunities, stocks and flows in 10 ASEAN countries (the first quantification of green finance opportunities across the region). He was later sourced by the UNEP Inquiry to conduct a similar exercise in Argentina and Nigeria with a focus on sustainable finance. At the Inquiry, as a Senior Advisor, he also led a technical report on Market Dynamics for the Central Banks and Supervisors Network for Greening the Financial System (NGFS) under its workstream on scaling up green finance. He later served as a Member of the Joint NGFS-INSPIRE Study Group on Biodiversity and Financial Stability. At the UNDP, he led an initial scoping study to assess financial risks of nature-related loss in global insurance industry - the first of its kind for the insurance sector. He has consulted for the Capital Markets & Investments Department of the World Bank Treasury on green and sustainable bonds, provided climate risk assessment service to IFC's investment projects, and is supporting climate change mainstreaming in the Bank's lending operations. In addition, he serves as a transaction advisor to the International Renewable Energy Agency (IRENA) - advancing renewable energy projects (solar, wind, hydro, biomass) towards financial closure.
Mr. Baral has authored numerous papers and book chapters that cover topical issues in infrastructure and development finance, international trade, energy, and climate change. He writes regularly for popular print and online media. His work has been cited by the likes of G7 Members, sitting Deputy Prime Minister, Ministers and Senators, popular print media, academic researchers and others. He strongly believes in the transformative power of innovation and technology and spends the bulk of his time with budding entrepreneurs around the world through Hornfels Group Pvt. Ltd. that he co-founded in 2018.
Mr. Baral has an academic background in Electronics and Communication Engineering from Maulana Azad National Institute of Technology (India) and Environmental Management from the University of Oxford (England). At Oxford, he was Sir Walter Raleigh Scholar and Boardman Scholar. He has passed Level II examination of the Chartered Financial Analyst (CFA)® Program. He is fluent in Hindi, Nepali, and English, and has working proficiency in Bengali and Urdu.
A 2009 United Nations Volunteer (UNV) Awardee (the first Nepali in history), Mr. Baral is passionate about educating underprivileged children, particularly minority girls. He is an avid runner & adventure traveler, loves bouldering & road cycling and enjoys putting the time in at the gym.

Publications
A select list of Mr. Baral's publications is provided below. These cover topical issues in infrastructure and development finance, international trade, energy, and climate change. His work has been cited by the likes of G7 Members, sitting Deputy Prime Minister, Ministers and Senators, senior management at Central Banks, popular print media, academic researchers, think tanks and others.
Nov, 2022 | Egyptian Ministry of International Cooperation (MOIC), Cairo [Co-author]

The Guidebook raises the critical question of what stakeholders need to do to translate commitments into implementable projects while capturing opportunities to leverage and catalyze needed finance and investments for climate action.
Read More
Sep, 2022 | Central Bank of Paraguay [Co-author]

In recent years, an increasing number of central banks, financial supervisors, and financial regulators have started to examine and provide guidance on how the rules governing financial system stability, prudential risk management, financial conduct, market creation, and monetary policy should integrate climate and broader environmental considerations. In parallel, there is also growing investigation from central banks on the potential incorporation of ESG considerations in the reserve management process.
Read More
Jul, 2022 | World Bank Treasury, Washington, D.C. [Lead Author]

In 2021, Colombia issued its first sovereign green bonds, becoming the first emerging-market economy to place these securities through local auctions in local currency and to adopt the German green twin bonds approach in the domestic market. This case study intends to capture lessons learned and provide other developing countries with a broad understanding of what they need to consider in designing and issuing such financial instruments.
Read More
Mar, 2022 | Network of Central Banks and Supervisors for Greening the Financial System (NGFS), Paris and INSPIRE, London [Contributor]

This report is the culmination of almost a year's hard work of over over 100 experts including those from 25 NGFS members and observers. It finds:
(1) Economic activity and financial assets are dependent upon the ecosystem services provided by biodiversity and environmental processes. In turn, economic activity and financial assets have impacts on biodiversity and could therefore face risks from the transition to a nature-positive global economy.
(2) Biodiversity loss and climatechange are inextricably linked and physical and transition risks can be transmitted through various channels (impacting households, firms and sovereigns alike), translating into various forms of financial risks such as credit, market, liquidity and operational risks.
(3) Biodiversity loss could have significant macroeconomic implications and failure to account for, mitigate, and adapt to these implications is a source of risks relevant for financial stability. In consequence, addressing biodiversity-related financial risks falls within the mandates of central banks and financial supervisors.
Read More
Nov, 2021 | UNDP, New York [Author]
The UNDP Sustainable Insurance Forum (SIF) has published the ‘SIF Scoping Study: Nature-related Risks in the Global Insurance Sector’. This study marks a pioneering effort to explore and understand the global insurance sector’s dependence on nature, what nature-related risks could be, and whether and how nature-related risks are financially material to the sector’s underwriting and investing business.
Read More
Oct, 2021 | Network of Central Banks and Supervisors for Greening the Financial System (NGFS), Paris and INSPIRE, London [Contributor]
The Network for Greening the Financial System (NGFS) and the International Network for Sustainable Financial Policy Insights, Research, and Exchange (INSPIRE) have established a joint Study Group on Biodiversity and Financial Stability, with the aim to understand the potential implications of biodiversity loss for financial stability.
Read More
Jul, 2021 | The World Bank, Washington, D.C. [Lead Author]

As the Partnership for Market Readiness (PMR), the World Bank’s flagship technical assistance program to promote carbon pricing and markets, winded down in June 2021 and its successor - the partnership for market implementation (PMI) - has become operational, the report draws lessons from the PMR’s decade-long country, technical work, and policy analysis work programs. These lessons are expected to provide practical insights for other developing countries planning to design and implement carbon pricing initiatives
Read More
Jun, 2021 | Network of Central Banks and Supervisors for Greening the Financial System (NGFS), Paris and INSPIRE, London [Contributor]
The Network for Greening the Financial System (NGFS) and the International Network for Sustainable Financial Policy Insights, Research, and Exchange (INSPIRE) have established a joint Study Group on Biodiversity and Financial Stability, with the aim to understand the potential implications of biodiversity loss for financial stability.
Read More
Mar, 2021 | Network of Central Banks and Supervisors for Greening the Financial System (NGFS), Paris [Contributor]
The NGFS sub group WS3 approached the task of measuring progress in green finance using a dashboard based on a set of ideal indicators that make it possible to track and understand the greening of national financial systems. This publication consists of two groups of indicators: one group for which data are readily available, the dashboard; and a second group of indicators that are considered desirable but for which data are not yet available, the data gaps.
Read More
Mar, 2021 | Network of Central Banks and Supervisors for Greening the Financial System (NGFS), Paris [Contributor]
This brief report presents an overview of the market dynamics for mobilizing sustainable finance. It identifies three main channels through which financial markets can help steer the necessary transformation of the real economy towards higher levels of sustainability: disclosure, risk management, and the mobilization of capital. The report also provides examples of policies, regulations, and guidance addressed to market participants on these three topics. Lastly, it contains a set of key takeaways for further consideration by policymakers and market participants alike.
Read More
Apr, 2020 | The World Bank, Washington, D.C. [Co-author]

The report provides a comprehensive overview of brick sector in South Asia, and offers an analytical discussion on the sector's technological, institutional and regional particularities.
Read More
Feb, 2020 | UNEP and Banco de México, Mexico City [Contributing Author]
This study is a first in-depth diagnosis of the current degree of readiness of Mexican financial institutions to assess climate, environmental, and social risks. The results are based on a survey conducted on the senior management of over 60 institutions and consider nearly 90% of the credit portfolio of the banking system, 80% of the assets reported by fund managers to Mexico’s National Securities and Banking Commission (CNBV), 90% of the assets managed by the Retirement Funds Administrators (AFORES), and 44% of the assets reported by insurance companies.
Read More
Mar, 2019 | Asian Development Bank Institute/Springer, Singapore [Co-author]

The paper introduces three national green technology financing schemes, one each in Malaysia, the Netherlands, and the Republic of Korea, discusses innovative aspects of these schemes and makes policy recommendations specific to developing countries for attracting private finance to green technologies.
Read More
Jan, 2019 | Atlantic Council, Washington, D.C. [Lead Author]

The report provides a compelling analysis of the current state of tropical deforestation in Southeast Asia, including its drivers, extant efforts to mitigate it, barriers to effective reforestation finance, and possible new policy and market tools that could finally tip economic incentives towards reforestation rather than deforestation.
Read More
Dec, 2018 | UNEP Inquiry, Geneva. [Co-author]

The report provides a comprehensive analysis of sustainable investment opportunities in Argentina, assesses the characteristics of those opportunities, estimates current flows of sustainable finance in the country, and presents current barriers to scaling up sustainable finance and possible ways to address those barriers.
Read More
Dec, 2018 | UNEP Inquiry, Geneva [Contributing Author]
This report provides an analysis of sustainable finance opportunities in Nigeria out to 2030, assesses the characteristics of these opportunities, and estimates current sustainable finance flows.
Read More
May, 2018 | World Energy Council, London. [Co-author]

Mar, 2018 | C40 Cities Finance Facility, London. [Co-author]

The report is made up of 4 sections. Section 1 explains what cycling infrastructure is, its financing challenges, and its benefits. Section 2 outlines the context of Bogotá, its Plan Bici strategy, and its ambitions for the future. Section 3, the bulk of the report, covers how the CFF’s assistance has so far helped Bogotá in developing the Quinto Centenario project, including by supporting the development of a governance system, scoping the mobilisation of potential financing sources, engaging key local stakeholders such as cycling groups and businesses, and creating a detailed workplan for the Quinto Centenario project. Section 4 provides initial lessons learnt for other cities wishing to replicate what Bogotá has done.
Read More
Nov, 2017 | DBS Bank, Singapore/UNEP Inquiry, Geneva. [Lead Author]

This report provides an analysis of green investment opportunities in ASEAN region from 2016 to 2030, assesses the characteristics of those opportunities, and estimates current green finance flows. It is the first quantification of the green finance opportunities across the region.
Read More
Oct, 2017 | Global Environment Facility, Independent Evaluation Office, Washington, D.C. [Co-author]

The purpose of this study is to assess the Global Environment Facility’s (GEF’s) private sector engagement activities and provide insights and lessons leading to recommendations to strengthen the GEF’s collaboration with the private sector in GEF-7. The study takes a mixed-methods approach with evidence from private sector engagement portfolio analysis, terminal evaluations of completed projects, a demand-side survey with select private sector entities, benchmarking with comparator environmental finance providers, and interviews conducted with private sector and GEF stakeholders as well as desktop research.
Read More
Nov, 2016 | Prakriti Resources Center, Kathmandu. [Lead Author]

This brief has shed light on Green Climate Fund (GCF), one of the multilateral financial entities that was established at the Conference of the Parties (COP) 16 by 194 governments. The brief has been tailored to Nepali context, but can be referred to by any country that is interested in accessing GCF financing.
Read More
Oct, 2016 | The World Energy Council, London. [Contributing Author]

The World Energy Resources have been produced by the World Energy Council for over 80 years. The details and analysis provide a unique data set that allows governments, private sector and academia to better understand the reality of the energy sector and the resource developments.
Read More
Oct, 2016 | The World Bank, Washington, D.C. [Co-author, Country Analyses]

Based on a comprehensive mapping exercise, the World Bank Group has developed a useful set of tools that include a detailed adaptation/mitigation database, a content visualization tool, and summary country briefs. In December 2021, World Bank NDC Platform merged with Climate Watch.
Read More
Apr, 2016 | Global Environmental Change, Elsevier. [Co-author]

The paper discusses how organisational structures impact adaptation to climate change, and analyses six attributes of meta-organisational structures for Nepal, Pakistan and Ghana.
Read More
Sep, 2015 | Cambridge University Press, Cambridge. [Co-author]

This chapter identifies five key themes relating to energy in the WTO Accession Protocols of the Article XII members and explains the rationale of how these topics relate to trade in energy based on the existing WTO rules.
Read More
Nov, 2014 | The World Resources Institute (WRI), Washington, D.C. [Co-author]

This working paper explores some of the key issues relating to adaptation and Loss and Damage (L&D) and outlines options for addressing them in the 2015 agreement.
Read More
Sep, 2014 | CGIAR Research Program on Climate Change, Agriculture and Food Security (CCAFS), Copenhagen. [Co-author]

This paper analyses the organizational and implementation design strategies of two ongoing Local Adaptation Plan for Action (LAPA) initiatives in Nepal and Pakistan.
Read More
Apr, 2014 | Oxfam, Kathmandu. [Lead Author]

This report is developed under a multi-country initiative, ‘Adaptation Finance Accountability Initiative (AFAI)', by Oxfam in collaboration with the Overseas Development Institute (ODI), World Resources Institute (WRI) and Clean Energy Nepal (CEN). This study takes stock of climate change adaptation/resilience projects and programs funded by international public finance in Nepal.
Read More
Services
Mr. Baral, an engineer by training and a development finance expert by practice, brings a unique interdisciplinary approach in his service delivery. Mr. Baral offers services that are tailored to individual clients. The services delivered to private clients are kept strictly confidential.

Sustainable Finance | Green Finance | Green Bonds | Green Loans | Carbon Finance | Conservation Finance | Development Finance | Innovative Climate Finance Instruments | Impact Investing in Emerging & Frontier Markets | Socially Responsible Investing (SRI) | ESG Investing | Triple Bottom Line Investing (TBLI)

Base of the Pyramid (BoP) Technologies | Technology Appraisal | Technology Grading | Technology Transfer Brokerage | Technology Intelligence | Technology Development | Technology based Credit Guarantee | Clean Technology

Base of the Pyramid (BoP) Innovation and Business Models | Cleantech

Climate Finance | Resilience Finance | Climate Adaptation | Climate Resilience| Climate Mitigation | Low Carbon Development | Climate Smart Development | Climate Risk | Carbon Pricing/Finance | Carbon Footprint | Carbon Market | UNFCCC | Green Climate Fund (GCF) | NAMA | NAP

Renewable Energy | Energy Efficiency | Energy Resilience | Trade in Energy | RE Project Development

Sustainable Development Goals (SDGs) | Triple Bottom Line | Environmental, Social, and Governance (ESG) Criteria | Circular Economy | Cradle to Cradle Assessment

PPP Models | PPP Management | PPP Brokerage | Project Brokerage | Multi-Stakeholder Engagement

Cost Benefit Analysis | Cost Effectiveness Analysis | Participatory Appraisal | Theory of Change | Cloud-based Survey
Clients & Past Employers
Mr. Baral has worked with private firms, national governments, multilateral organizations, think tanks, academia, and non-profits in Asia, Africa, Europe, and North America, and has delivered excellent results. A select list is provided below. Private clients have been excluded from the list.
The World Intellectual Property Organization (WIPO)
Technology Due Diligence| Technology Transfer| Clean Technology | Public-Private Partnership
Korea Technology Finance Corporation (KOTEC/KIBO)
Climate Technology | Climate Finance | Technology Appraisal (Rating & Valuation) | Technology Commercialization & Transfer | Public-Private Partnership | Business Development
Tambourine Innovation Ventures (TIV)
Business Development | Business Intelligence
(USAID; IDB; EBRD; ADB; NIH, US Department of Health and Human Services; US Small Business Administration)
The World Bank
Carbon Pricing | Resilience Financing | Results-Based Financing | Disaster Risk Financing | Climate (Co) Benefit/Climate Finance | Energy Policy | Climate Change | Technology | Air Pollution | CPF/PLR
UN Environment Inquiry into the Design of a Sustainable Financial System
Sustainable Financial System | G20 Sustainable Finance Study | Sustainable Finance Country Roadmaps | Sustainable Finance Diagnostic Toolkit | Network for Greening the Financial System (NGFS)
Global Environment Facility (GEF) | Independent Evaluation Office (IEO)
GEF Private Sector Engagement
United Nations Development Programme (UNDP)
Environmental Risks & Insurance | Sustainable Finance | G20 Agenda |NDC Implementation
The World Wide Fund for Nature (WWF)
Climate Adaptation | Food Security | Outreach | Communication
University of Reading/The World Resources Institute (WRI)
Climate Change Agreement | Climate Change Adaptation| Loss & Damage
CGIAR Research Program on Climate Change, Agriculture and Food Security (CCAFS)
Climate Change Adaptation | Partnership Strategy
Testimonials
There are ample reasons that people enjoy working with Mr. Baral. Learn from the testimonials below what some of his previous colleagues have to say about him.

Former Acting President and Former Executive Vice President, Korea Technology Finance Corporation (KOTEC/KIBO), Busan/Seoul, Republic of Korea

Chief Sustainability Officer and Managing Director, DBS Bank, Singapore

Former Trade Advisor to Honourable Minister and Chief Negotiator, Federal Ministry of Industry, Trade and Investment, Nigeria; Former Director of the Accessions Division, WTO

Partner, Climate Finance Advisors BLLC, Washington, D.C.

CEO, Innovative Pharmaceutical Association of South Africa (IPASA), Johannesburg | Former South African Ambassador to France, Switzerland, The Vatican and Liechtenstein, UNESCO and the OECD

Honorary Research Fellow, University of Oxford; Common Good Program Lead, Shell International B.V.

Managing Consultant, LTS International, UK

Senior Director of Public Policy & Research, World Food Program USA

Founder and Chairperson, Himalayan Climate Initiative | Head Of Communications, Naya Shakti Party - Nepal's Progressive Alternative

Research Fellow, Said Business School, University of Oxford | Research Fellow, The British Academy
Press

The workshop, organized by International Renewable Energy Agency (IRENA) and hosted by Mauritius, was intended to enhance the capacities of local players in AIS SIDS in structuring renewable energy project financing deals. The first two days of the workshop consisted of interactive theoretical training, while the third day had practical aspects including simulations and a case study. Read More

Co-Organized By - China Chamber of International Commerce; Asia-Pacific Financial Forum; Chinese Academy of Fiscal Sciences; Society of Public Finance of China Read More





"In the interim, transition plans are necessary for a sustained progress and to avoid unnecessary dislocation within the industry," said Mr. Baral. Read More

“Despite devastating impacts of brick sector related pollution, Nepal has less than one per cent market penetration of advanced and efficient technologies”, Mr. Baral said. Read More

“With the favourable policy and regulatory reforms in place, Nepal could leapfrog from traditional brick kiln technologies to modern and alternate building materials in a very short span of time”, said Mr. Baral. Read More

"On carbon market, there is disagreement on designing a mechanism to avoid double counting of emissions and transfer of clean development mechanism credit to the new system," said Prajwal Baral, an international expert on sustainable finance and clean technology. Read More




“It's easy to conclude that monoculture plantation such as palm oil has a much higher profit. However, the financial sector is unable to put a cost to unseen benefits of sustainable forestry,” Prajwal Baral, lead author of the study told CGTN. Read More








,_16th_October_2010.jpg)







Professional Affiliation
Mr. Baral offers advisory services to several institutions of international repute. With these affiliations, Mr. Baral ensures his clients access to a larger pool of relevant services.
Blog
Contact
Mr. Baral believes that partnership is the new leadership. Please feel free to get in touch with him.