Nearly 1 million species are at risk of extinction because of human activity. It is time to ensure that efforts help reverse and not accelerate the looming planetary crises – climate change and nature loss – while also boosting sustainable job opportunities for communities.
Increasing evidence demonstrates that well-intended subsidies and government support that target socio-economic goals (food security, energy security, etc.) may have unintended negative and costly environmental effects, including biodiversity. The countries have taken little action to redirect finances from environmentally harmful subsidies by reducing or redesigning them.
To facilitate this process and support the implementation of the global biodiversity framework of the coming decade, the UNDP-Biodiversity Finance Initiative (BIOFIN) has developed step-by-step guidelines to examine, repurpose, and monitor major subsidies to make them fiscally responsible and nature-positive. These guidelines are guiding countries to: