Resource mobilization strategy for the Post 2020 Global Biodiversity Framework. BIOFIN in Colombia.
What is biodiversity financing?
Initiatives that promote unsustainable economic growth that generate short-term profits, the limited presence of institutions in the territory, the absence of governance mechanisms for natural resources, the lack of knowledge and access to technology, hunger and social inequality, are some of the factors that have an impact on the increase of conflicts that accelerate the loss of natural capital.
Therefore, it is necessary to formulate and implement comprehensive programs, plans and projects that include environmental, social and economic approaches, with intersectoral responsibility, public and private sector participation and that empower communities through resilient livelihoods with gender equity.
In order to make visible the importance of natural capital in sustainable development and work on flows for financing the restoration and conservation of biodiversity, since 2012 the United Nations Development Programme UNDP has been implementing the Biodiversity Finance Initiative BIOFIN, as a technical assistance process to accelerate the resource mobilization strategy in the countries participating in the Conference of the Parties COP 10, held in Nagoya, Japan in October 2010 and in which the Aichi Targets were created.
Currently, UNDP's BIOFIN initiative is present in more than 42 countries worldwide and works on the formulation and implementation of about 140 financial solutions to make visible, monitor and increase the mobilization of public, private and international cooperation resources for biodiversity management.
Biodiversity finance "is the practice of raising and managing capital, and using financial and economic incentives to contribute to the sustainable management of biodiversity" (BIOFIN Handbook, 2018). In this sense, biodiversity financing involves multiple actors, from government at all levels of management, from national to territorial; as well as the private sector, communities and international cooperation.
In Colombia, the BIOFIN initiative has been present since 2015.