BIOFIN Launches 2024 Workbook at COP16, Showcasing Success Stories in Implementing Biodiversity Finance Plans

On the first day of the UN Biodiversity Conference COP16, the UNDP Biodiversity Finance Initiative (UNDP BIOFIN), in collaboration with the Global Environment Facility and the CBD Secretariat, held a session titled “Unlocking Finance for GBF Implementation in 134 Countries”. The event served as a platform for countries to share their successes in implementing biodiversity finance plans (BFPs) and to launch the new BIOFIN 2024 Workbook, a comprehensive guide for the development of BFP.

Key messages from the opening remarks

Midori Paxton, Director of UNDP’s Nature Hub, emphasized the crucial role of both environment and finance ministries in protecting biodiversity. She emphasized how BIOFIN has changed the picture of biodiversity finance by showing how countries can align their financial strategies with biodiversity objectives. The importance of integrating these efforts into the new National Biodiversity Strategies and Action Plans (NBSAPs), which are aligned with the Global Biodiversity Framework (GBF), was a key theme of the event.

Ralf Becker, representing the German government, underlined the need to mobilize resources for nature conservation and stressed the need for multi-stakeholder participation to close the biodiversity finance gap. This global cooperation is essential to create effective solutions, he said. Mr. Becker also emphasized that “BIOFIN has been the lighthouse initiative on biodiversity finance”.

Markus Lehmann from the CBD Secretariat recognized BIOFIN as a key mechanism to support BFPs. He emphasized BIOFIN’s contributions in guiding countries through the complex process of developing and implementing biodiversity finance plans.

Launch of the BIOFIN 2024 Workbook

At the meeting, the BIOFIN 2024 Workbook was officially launched by Onno van den Heuvel, Head of Biodiversity Finance at UNDP. Van den Heuvel described the workbook as a culmination of ten years of learning from 41 countries. It provides tools to help nations conduct policy reviews, estimate biodiversity spending and design biodiversity finance plans. The workbook was developed to help countries align their financial strategies with their national biodiversity targets, particularly as they work towards implementing the GBF.

Following the presentation, panelists from five countries — Nepal, Mexico, Zambia, Thailand and Ecuador — shared their experiences and successes in integrating finance into biodiversity protection strategies.

Photo: Five implementing countries - Nepal, Mexico, Zambia, Thailand and Ecuador - shared their work and experience in integrating finance into their GBF national targets as well as designing and implementing finance solutions based on their Biodiversity Finance Plans.

Nepal’s success in aligning BFPs with NBSAPs

Megh Nath Kafle, Joint Secretary at Nepal’s Ministry of Forests and Environment, explained how Nepal has successfully piloted three finance solutions, including corporate social responsibility (CSR) initiatives and community forest financing. Kafle emphasized the importance of aligning the BIOFIN and NBSAP processes to ensure that financial planning supports biodiversity objectives. “Biodiversity Expenditure Reviews (BER) will help us understand the investment gap needed to achieve the new NBSAP targets,” he emphasized, highlighting the country’s strategic approach.

Mexico’s progress in integrating finance into biodiversity targets

Andrea Cruz, Director of Cooperation at CONABIO, explained how Mexico has placed BIOFIN at the center of its national biodiversity efforts, particularly in setting and achieving targets related to the GBF. “BIOFIN has been an essential link between biodiversity and the financial sector, helping us to work with the Ministry of Finance and private sectors such as insurance,” she said. Mexico is also working to integrate the TNFD (Taskforce on Nature-related Financial Disclosures) framework to better assess biodiversity risks and opportunities.

Zambia’s breakthroughs in green finance

Benson Mwileli, BIOFIN coordinator in Zambia, explained how the country prioritized 16 financial solutions after developing its BFP. One of the key achievements was the issuance of Zambia’s first green bond worth US$53.5 million. Mwileli said: “A tree always grows in two directions — finance is the root that supports biodiversity outcomes.” Zambia has also developed a green finance strategy and taxonomy, which have been key to mainstreaming biodiversity finance into the country’s financial sector.

Thailand’s partnerships with the financial sector for biodiversity

Pattarin Tongsima, Director of Policy and Strategy Group, Biodiversity Management Division, Office of Natural Resources and Environmental Policy and Planning, emphasized Thailand’s focus on building partnerships, particularly with the financial sector. “We have been working with BIOFIN to encourage companies to set biodiversity targets, with leading companies already disclosing voluntary nature-related data,” she said. Thailand has implemented several innovative financial mechanisms, such as conservation license plates and finance taxonomy, to ensure that biodiversity is integrated into the national finance system.

Ecuador’s efforts in biodiversity finance

Alexis Vela, National Director of Biodiversity at Ecuador’s Ministry of Environment, shared that Ecuador has invested approximately $2 billion in biodiversity in recent years. However, the country estimates that it needs an additional $185 million to implement its NBSAP by 2030 fully. Vela emphasized the importance of optimizing public spending and exploring innovative finance mechanisms such as green bonds. He also highlighted Ecuador’s efforts to integrate biodiversity finance into value chains through biodiversity clusters, creating opportunities for both environmental and economic benefits.

Looking ahead

The session at COP16 emphasized the importance of integrating finance into biodiversity strategies and provided a platform for countries to share innovative solutions. The publication of the BIOFIN 2024 Workbook will equip countries with the tools to develop and implement biodiversity finance plans further to accelerate progress towards the Kunming-Montreal Global Biodiversity Framework targets.