BIOFIN and the Ministry of Environment of Guanajuato Coordinate a Workshop for Biodiversity Finance Solutions

On February 9th and 10th, BIOFIN Mexico and the Ministry of Environment and Land-use Planning of Guanajuato (SMAOT for its Spanish acronym) organized a workshop to socialize and prioritize finance mechanisms for biodiversity. More than 60 specialists from public administration (highlighting the participation of the Ministry of Agri-food and Rural Development; the Ministry of Sustainable Economy; the Ministry of Social and Human Development; the Ministry of Tourism and the Ministry of Finance), academia, private sector and civil social organization, participated in the two-day workshop. The participants gave feedback to BIOFIN’s proposed mechanisms, and evaluated them through its technical, financial and temporary feasibility to determine its implementation and principal activities, as well as the main actors that needed to be involved. 

The finance solutions were divided in the following categories: 

•    Mainstreaming of biodiversity in strategic sectors.
•    Finance mechanisms to leverage resources. 
•    Climate change and biodiversity finance.
•    Bioeconomy: sustainable business and impact investment.

The workshops were presided by the Minister María Isabel Ortíz, as well as the Undersecretary Fidel García. Some of the prioritized mechanisms are: 

•    The strengthening of the Environmental Fund (FOAM). 
•    Blended finance as a boost to bioeconomy through local entrepreneurships with positive impact in biodiversity.  
•    The alignment of funds under sustainability and climate change criteria.
•    Joint environmental responsibility model through the adoption of green areas.
•    Sustainable and communitary tourism. 

These are only some of the mechanisms and BIOFIN will be developing actors, activities, risks, opportunities and obstacles of each prioritized mechanism in the Finance Solutions Plan, which is a flexible tool that will allow SMAOT to chart a course forward to meet priorities and the state’s finance needs. BIOFIN will continue to support subnational entities in the identification, development and implementation of finance solutions that contribute to reduce resource needs; as well as to make the natural resources use more efficient; avoid future costs because of negative impacts; and align resources and expenditures. 

BIOFIN is currently working in the implementation with Mexico City, Jalisco and Yucatán as well, in the strengthening of their finance mechanisms for biodiversity, generating information about biodiversity finance, and the opportunities to increase, align, and efficient public and private budget of natural capital.