Based on a rigorous exercise comprising of technical consultations and guided by the BIOFIN workbook, a customized methodology has been developed in India for assessing the current and projected levels of biodiversity-attributable expenditures in the country and to assess financial needs for implementing the NBAP. As a result of research, analysis and a wide range of consultations and validation exercises, the BER process in India has mapped 116 schemes of 24 central ministries and 29 departments having varied degree of relevance with biodiversity. Projected annual average public finance attributable to biodiversity (from Central and State Govts.) is estimated to be nearly USD 10 billion (@exchange rate of 1 USD=INR 70).
Based on detailed assessments done in consultation with technical experts, the annual average financial requirement for implementing the National Biodiversity Action Plan (NBAP) is estimated to be nearly USD 16.5 billion (2017-18 to 2021-22). Annual average gap in available public resources for implementing the NBAP is estimated to be nearly USD 6.5 billion for the period 2017-18 to 2021-22. Based on the FNA and BER exercise some of the priority areas for enhancing biodiversity finance include- Strengthening and Integration of In-Situ Conservation, Regulation of Invasive Alien Species Introduction and their Management, Development and Integration of Biodiversity Database, Valuation of Goods and Services provided by biodiversity and Use of Economic Instruments and Decision-making Processes & International Cooperation.
The Biodiversity Finance Plan seeks to facilitate the achievement of India’s Biodiversity Vision of conserving biodiversity and promoting its sustainable utilization by way of mobilizing resources through mainstreaming National Biodiversity Targets in relevant national developmental targets like poverty alleviation, food security and elimination of hunger, sustainable livelihoods, women empowerment, health and nutrition, mitigating and adapting to climate change and others. Out of the long list of finance solutions outlined in the finance plan, four solutions have been prioritized for implementation. These include- Corporate Social Responsibility, Mainstreaming Biodiversity in Public Programmes and Schemes, Access and Benefit Sharing and FinTech for Biodiversity Conservation.