Argentina is one of the latest countries where BIOFIN was approved for its implementation. The programme is currently in the methodology phase and officially started in March 2022. Until December 2024, BIOFIN Argentina will be working towards developing sub-national Biodiversity Plans in the Provinces of Misiones and Chaco.
Argentina is a megadiverse country, and BIOFIN has developed a sub-national strategy focusing on the Provinces of Misiones and Chaco, which are rich biodiversity-wise.
Argentina is one of the countries with the greatest biogeographical diversity in the world. It has 18 ecoregions: 15 continental, 2 marine and 1 in Antarctica. They harbour a great diversity of species, eight of which have been classified as having the highest priorities for worldwide conservation.
Misiones preserves 52% of Argentina´s biodiversity and hosts one of the world's biodiversity hotspots, the Atlantic Forest. It is also the only carbon-negative province in the country.
Chaco is part of the Gran Chaco Americano. This ecosystem constitutes the largest forest mass in South America, after the Amazon. The wide variety of environments that it presents, such as forests and shrublands, grasslands, savannahs, estuaries, and wetlands, translate into a vast diversity of plant and animal species that make this region a key area for the conservation of biodiversity.
BIOFIN Argentina is implementing a hybrid methodology: Subnational – National and Analytical – Pragmatic approach. Political governance and articulation between national and sub-national authorities regarding natural resources management is of the utmost importance in Argentina since provinces have control of their natural resources under national legislation. The analytical-pragmatic approach is important because it allows working on a good diagnosis of the national and provincial situation while identifying financial solutions already being implemented in the territory. This generates support from the program to improve its effectiveness.
Furthermore, it is interesting to note that BIOFIN has already identified some innovative initiatives as potential financial solutions for both provinces and at national scale. Chaco is working on an innovative financing mechanism to promote investment in nature and social development in the "Impenetrable Chaqueño" region. They are also working on a new provincial budget with an environmental perspective for 2023. Misiones has been working and moving forward on a REDD+ initiative, as well as in the development of a carbon market. At national scale, discussions were held on the potential implementation of a debt-for-environmental share swap. Work is also being done on the possibility of quantifying the country's ecosystem services and being able to add them to the national accounts.