NEWS
Financing Nature for a Greener Future: The Gambia Launches BIOFIN Initiative
The Gambia is charting a new course toward a nature-positive future through the launch of the Global Environment Facility (GEF)…
Cape Verde
Tortue caouanne.
Cabo Verde is a Small Island Developing State with distinctive terrestrial, coastal and marine biodiversity across its ten islands and surrounding islets. Its ecosystems include volcanic landscapes, agricultural areas, wetlands, coral communities and extensive coastal and marine habitats. These natural assets support fisheries, agriculture, tourism and local livelihoods while contributing to food security, coastal protection and climate resilience.
Biodiversity is increasingly under pressure from climate change, desertification, overfishing, marine pollution, coastal development and unsustainable use of natural resources. At the same time, limited and fragmented financing constrains investment in conservation, ecosystem restoration and sustainable natural resource management. Addressing these challenges is particularly important for an island economy that depends heavily on healthy marine and coastal ecosystems.
UNDP BIOFIN is supporting the Government of Cabo Verde to develop a more strategic and evidence-based approach to biodiversity finance. Through the Policy and Institutional Review, Biodiversity Expenditure Review and Financial Needs Assessment, the initiative is examining the policies and institutions that influence biodiversity finance, tracking existing expenditure and assessing the resources required to achieve national biodiversity priorities.
This work will inform Cabo Verde’s first Biodiversity Finance Plan, which will identify and prioritize practical finance solutions to improve the effectiveness of existing resources and mobilize additional public, private and international finance for nature. The process will also support the integration of biodiversity into economic planning, public finance and investment decisions, contributing to implementation of national biodiversity priorities and the Kunming–Montreal Global Biodiversity Framework.
Finance solutions
No biodiversity finance solutions have yet been formally prioritized or validated through the BIOFIN process in Cabo Verde. The final portfolio will be determined following completion of the Policy and Institutional Review, Biodiversity Expenditure Review and Financial Needs Assessment, followed by consultation and validation with national stakeholders.
At this stage, several mechanisms have been identified as having potential relevance to Cabo Verde’s island and blue-economy context:
1. Debt-for-Nature Swaps
Explore opportunities to use debt restructuring or debt-conversion mechanisms to mobilize long-term financing for biodiversity conservation, ecosystem restoration and other national environmental priorities.
Stage: Potential solution
2. Environmental and Tourism Fiscal Instruments
Assess opportunities to strengthen the design, collection and use of existing environmental and tourism-related taxes and fees to increase their contribution to biodiversity conservation and sustainable management of natural resources.
Stage: Potential solution
3. Blue Carbon and Payments for Ecosystem Services
No biodiversity finance solutions have yet been formally prioritized or validated through the BIOFIN process in Cabo Verde. The final portfolio will be determined following completion of the Policy and Institutional Review, Biodiversity Expenditure Review and Financial Needs Assessment, followed by consultation and validation with national stakeholders.
At this stage, several mechanisms have been identified as having potential relevance to Cabo Verde’s island and blue-economy context:
1. Debt-for-Nature Swaps
Explore opportunities to use debt restructuring or debt-conversion mechanisms to mobilize long-term financing for biodiversity conservation, ecosystem restoration and other national environmental priorities.
Stage: Potential solution
2. Environmental and Tourism Fiscal Instruments
Assess opportunities to strengthen the design, collection and use of existing environmental and tourism-related taxes and fees to increase their contribution to biodiversity conservation and sustainable management of natural resources.
Stage: Potential solution
3. Blue Carbon and Payments for Ecosystem Services
Explore blue carbon finance and Payments for Ecosystem Services (PES) as mechanisms for mobilizing resources for the conservation and restoration of coastal and marine ecosystems and the services they provide.
Stage: Potential solution
4. Mobilizing Private Capital for Biodiversity
Explore opportunities to increase private investment in biodiversity and the blue economy through instruments such as green and blue public-private partnerships, blended finance and diaspora investment.
Stage: Potential solutionon
Key results
Establishing the Foundations for the BIOFIN Process
Cabo Verde initiated the BIOFIN process and put in place the technical capacity required to undertake the Policy and Institutional Review, Biodiversity Expenditure Review and Financial Needs Assessment and subsequently develop the country’s first Biodiversity Finance Plan.
Advancing the Biodiversity Finance Evidence Base
Preparatory work was initiated for the core BIOFIN assessments, which will provide the evidence needed to understand existing biodiversity expenditure, determine financing needs and identify opportunities to strengthen biodiversity finance in Cabo Verde.
Identifying Potential Biodiversity Finance Opportunities
Several financing mechanisms with potential relevance to Cabo Verde’s island and blue-economy context have been identified for further assessment. These include debt-for-nature swaps, environmental and tourism fiscal instruments, blue carbon and Payments for Ecosystem Services, and approaches to mobilize private capital.
Building Awareness of Biodiversity Finance
BIOFIN has contributed to national and international discussions on ocean and biodiversity finance, including through engagement around Cabo Verde Ocean Week and international Ocean Decade events. These platforms have helped increase awareness of the links between biodiversity, ocean conservation and sustainable finance.
Key documents
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