THE BIODIVERSITY FINANCE INITIATIVE – BIOFIN
BIOFIN is a global partnership addressing the biodiversity finance challenge in a comprehensive manner. The Initiative provides an innovative methodology enabling countries to measure their current biodiversity expenditures, assess their financial needs in the medium term and identify the most suitable finance solutions to bridge their national biodiversity finance gaps. The BIOFIN methodology includes the following main steps:
Policy and Institutional Review
Analysis of the policy and institutional architecture for biodiversity finance and existing finance solutions.
Biodiversity Expenditure Review
Analysis of public and private expenditures affecting biodiversity.
Finance Needs Assessment
Estimates the investment required to implement national biodiversity plans and achieve national biodiversity targets and results.
Biodiversity Finance Plan:
Analysis of options to optimize current and expand future investments (public, private, national, international, traditional and innovative) in biodiversity management.
Implementing finance solutions:
Support the implementation of policy recommendations emerging from BIOFIN, such as the improvement or creation of finance mechanisms and the integration of finance solutions into national planning cycles.
THE BIOFIN WORKBOOK
BIOFIN provides support for countries to initiate a national policy dialogue and transformational process through a stepwise customizable approach to identify and mobilise the resources and policies required to bridge the gap between the current approach to financing biodiversity and that needed to successfully implement national biodiversity plans and achieve national biodiversity targets. Download the workbook at
GLOBAL APPROACH, NATIONAL SCOPE
There are currently 30 countries globally participating in BIOFIN. The project, which began in 2012 and continues through 2018, is coordinated by the UNDP through a global team supporting country implementation and the continuous improvement of the BIOFIN methodology.
At the national level, BIOFIN works under the leadership of ministries of finance (treasury), economy, planning and environment to bring together a core group of national stakeholders, including the private sector, to rethink the most suitable finance modalities for biodiversity. Activities are implemented through in-depth consultation with a strong focus on capacity development.
Partnerships are another important feature of the BIOFIN methodology in each country, in particular with related initiatives such as WAVES, TEEB, PEI, UN-REDD, GIZ ValuES and relevant conservation finance projects including those under the UNDP-GEF portfolio.
At the regional and global level, BIOFIN enables participating countries to exchange experiences through a variety of South-South cooperation mechanisms such as regional and global workshops, the BIOFIN website, dedicated webinars and other platforms.
THE CBD’s AICHI TARGET 20
The Parties to the Convention on Biological Diversity (CBD) are in the process of implementing an ambitious Strategic Plan for 2011-2020 including the global Aichi Biodiversity Targets. BIOFIN directly supports countries to achieve Target 20, to substantially increase the mobilisation of financial resources by 2020 and indirectly supports achievement of all the 20 Aichi biodiversity targets.
THE SUSTAINABLE DEVELOPMENT GOALS - SDGs
Safeguarding diverse ecosystems ensures invaluable services essential for sustainable development and improvements in human wellbeing. The livelihoods of individuals and the economic productivity of firms are highly dependent on sustainable supplies of water, forests, fisheries, fertile soils, pollinators, coral reefs, mangroves and other forms of biodiversity. This is especially the case for the poorest people directly dependent on natural resources and those enterprises active in economic sectors such as agriculture, hydropower and tourism. Biodiversity thus plays a central role in achieving the Sustainable Development Goals.
BIOFIN provides countries with a model to develop investment plans for the primary biodiversity-related goals (14 and 15). The methodology helps illuminate the efiects of those investments on other SDGs as well, helping to identify finance solutions that make a positive contribution towards multiple SDGs.