| Project Detail |
The Biodiversity Finance Initiative (BIOFIN) supports countries in developing evidence-based Biodiversity Finance Plans, enabling national stakeholders to increase resources and reduce needs by greening sectoral budgets and identifying areas where available resources can be used more effectively. It supports countries in implementing financial solutions to reach their national biodiversity targets. BIOFIN has been supported by the European Union, the Governments of Germany, Norway, Switzerland, and Belgium. Further contributions at the country and global level were provided by France, Agence Français de Développement (AFD), Swedish International Development Cooperation (SIDA), UNDP, the GEF, and private sector entities.? Background The recent “Little Book on Investing in Nature” published by Global Canopy estimates the global annual biodiversity financing gap at US$700 billion. The CBD Panel of Experts on Resource Mobilization highlighted that implementation of the new biodiversity targets under the Global Biodiversity Framework (GBF) will require additional financial resources, increased resource efficiency, and a reduction of biodiversity-harmful financial flows. Reducing the biodiversity finance gap can only be achieved through transformative change across economies and society. Given the need for a comprehensive and multi-stakeholder strategic approach to resource mobilization, Target 19 requests all countries to develop national biodiversity finance plans (BFPs). These BFPs should assess the root causes of biodiversity loss, identify national biodiversity finance gaps, and articulate strategies on how to reduce the gaps through a suite of finance solutions aimed at reducing the flow of resources that cause harm to biodiversity, generating additional resources, and enhancing the effectiveness and efficiency of resource use. To respond to this need and based on the experience of UNDP’s Biodiversity Finance Initiative (BIOFIN) and other relevant methodologies, this project aims to support a global programme that will establish a transformative process for biodiversity finance in all participating eligible countries, involving all relevant stakeholders such as Ministries of Finance and Environment, and the private and financial sectors through a socially and gender-inclusive approach. The project will support countries in baseline diagnostics, capacity and institutional strengthening, and developing finance plans to mobilize resources at scale to implement the GBF. |
