BIOFIN in Brazil had its first phase of activities carried out between 2017 and 2019. Following the proposed methodology, the BIOFIN project in Brazil prepared the following studies:
- PIR - Biodiversity Policy and Institutional Review;
- BER – Biodiversity Expenditure Review;
- FNA - Financial Needs Assessment;
- BFP - Biodiversity Finance Plan
The project is currently in its second phase, focused on implementing financing solutions with the potential to promote the conservation and sustainable use of biodiversity. The project is coordinated by UNDP Brazil in partnership with the Ministry of Economy. In the first phase of the project, the Ministry of Environment was also part of the partnership.
The overall objective of the project is that bioeconomy activities are strengthened and result in productive and competitive investment alternatives, increasing the value of preserved ecosystems and biodiversity and acting as a barrier to deforestation and degradation.
In its second phase of project in Brazil, BIOFIN has been developing solutions to increase funding for biodiversity and for the financial sustainability of bioeconomy activities. Funding challenges need to be faced from two sides. From the financing supply side, it is necessary to understand the current state of financing, the adaptation needs for existing financing mechanisms, and gaps in financial products and financing mechanisms for strategic bioeconomy activities, considering regional realities. On the demand side for financing, it is extremely important that rural producers, small entrepreneurs, micro and medium-sized companies increase their knowledge about the available sources of financing and how to access them.