Biodiversity Finance: An essential investment opportunity for Sustainable Development

Los Cabos, Mexico. Investments in biodiversity made by countries, banks, companies, and individuals that seek to restore and maintain ecosystem goods and services will make economies and human societies more resilient. However, biodiversity is rarely prioritized by public and private decision makers. 

The Biodiversity Finance Initiative (BIOFIN) seeks to change the equation under which biodiversity and ecosystem services are treated in public and private financing decisions and policies. Representatives from the thirty countries that have joined the programme will discuss in Mexico new ways and means to bring biodiversity finance to the next level.  

“BIOFIN has already transformed the narrative by bringing together Ministries of Finance with Ministries of Environment around a common language,” said Nik Sekhran, Director for Sustainable Development at UNDP. “We are finding enormous potential gains in efficiency, alignment of incentives, and effective finance tools that can support the country’s economic wellbeing through maintaining wildlife and functioning natural ecosystems,” Sekhran continued.

Results are already emerging. The Department of Environment and Natural Resources of the Philippines announced their BIOFIN Finance Needs Assessment showed at least USD$7 billion will be needed to conserve the biodiversity in the country over the next 13 years. This investment will provide powerful economic returns as illegal fishing in the Philippines alone has been costing the country roughly 1 billion USD annually in lost revenue. Indonesia is planning to consistently track biodiversity spending over time. Costa Rica has developed strong private sector partnerships with the banking sector.

“Environment ministries alone do not have the sole responsibility for biodiversity investments” said Maria Edita Tan, Vice Minister of Finance of Philippines. “Therefore, we must have a concrete discussions between financial and environmental experts so as to address the challenges and opportunities for resource mobilization.” Ms. Tan added. 

For further information and photos, please contact Diego Ochoa at diego.ochoa@undp.org.