Costa Rica

Recognized for its leadership in conservation, Costa Rica is one of the few countries in the world that has managed to reverse deforestation and increase its forest cover by more than 52% of the territory, thanks to pioneering mechanisms such as payment for environmental services (PES). However, the long-term financial sustainability of the conservation model and financial mechanisms for biodiversity remains a challenge. The country faces high levels of public indebtedness that have led to systematic cuts in the state budget, exacerbating the funding gap for biodiversity. In this context, diversification of sources of financial resources becomes a priority, and new needs are added to address sectors and issues that have not been addressed previously.

To date, BIOFIN Costa Rica has mobilized and catalyzed US $92.4 million of available financial resources to create and promote positive impacts on nature, with an emphasis on promoting gender equality and indigenous peoples.

The country continues to stand out as a pioneer in the creation of innovative financial mechanisms. In 2021 Costa Rica launched RAICES, the first business incubation programme aimed at indigenous tourism ventures. The initiative is one of the responses to the priorities established by Indigenous peoples in the National Biodiversity Strategy 2016-2025 (target 63B) and places for the first time in its history resources from the Development Banking System (SBD) at the service of the vision of innovation and community development defined by the Indigenous territories themselves. This successful programme launched the call for its third edition in June 2024 and is operating as a seedbed for projects with positive impacts on nature and culturally appropriate, mobilizing additional financial resources from the National Employment Programme (PRONAE) and the National Programme for Micro, Medium and Small Enterprises (PRONAMYPE) of the Ministry of Labour and Social Security.  In total, the programme has mobilized US$ 1,363,159.35, impacting 1,891 hectares of sustainably managed forest and generating new employment opportunities and livelihoods in line with the vision of biodiversity conservation, focusing efforts on Indigenous women in the Brunca Region of the country.

Costa Rica has also innovated in the development of triple-win strategies, addressing both the financial gap for biodiversity and climate change, while incorporating a comprehensive gender approach in all work, placing women at the center and forefront of solutions for the sustainable use of nature and climate resilience. The More Women, More Nature Programme thus incorporates gender-specific goals into all financial solutions developed, creating specific financial mechanisms for women-led bio-businesses that to date have placed more than 600 concessional credits catalyzing $6,979,050.00 of resources available for sustainable activities.

BIOFIN Costa Rica's results are possible thanks to a broad partnership platform that includes 65 strategic partners involved in the execution of the solutions portfolio. Among the public-private partnerships is the Footprint of the Future Initiative, which has become the most successful crowdfunding campaign of all UNDP on a global scale by mobilizing and catalyzing $1,832,193.33 available for reforestation and forest regeneration activities on public lands. The Footprint of the Future model has impacted rural communities and women's groups in charge of planting and maintaining the trees planted over 5 years. In turn, the work with the Platform for Non-Essential Services and Activities (SANE) Concessions in Protected Wildlife Areas is another example of public-private partnerships with the potential to generate jobs, foster a value chain with benefits for the communities neighboring conservation sites, and generate a flow of financial resources for the National System of Conservation Areas. In 2023, new community concession contracts renewed following processes strengthened by BIOFIN generated an income of $319,323.90 in royalties generated from 8 concessions in four National Parks. A process has also been developed to identify and mature the national portfolio of potential SANE concessions, which has already identified 140 services and activities in 20 ASPs throughout the country.