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Uruguay
Uruguay’s economy is closely linked to its natural capital, with more than 70% of the country’s exports concentrated in primary products and agro-industrial goods that depend on healthy ecosystems. Biodiversity underpins agricultural production, water resources, climate resilience and other economic activities, making the conservation and sustainable use of nature an important part of the country’s long-term development.
Despite this dependence, investment in biodiversity remains limited. Preliminary findings from the Biodiversity Expenditure Review estimate average annual biodiversity expenditure at approximately US$17.3 million, equivalent to just 0.03% of GDP and 0.1% of the national public budget. Public finance currently provides the largest share of biodiversity funding, highlighting both the importance of improving existing expenditure and the need to mobilize additional sources of finance.
UNDP BIOFIN is supporting Uruguay to strengthen the way biodiversity is integrated into public and private financial decision-making. Through its biodiversity finance assessments, the initiative is examining existing expenditure, financing needs, policies and financial mechanisms and identifying opportunities to better align financial flows with Uruguay’s National Biodiversity Strategy to 2030 and the Kunming–Montreal Global Biodiversity Framework.
This work is informing a portfolio of biodiversity finance solutions aimed at improving public expenditure, strengthening incentives for nature-positive investment and mobilizing private finance. Priorities include integrating biodiversity into investment incentives, assessing and reforming potentially harmful subsidies, strengthening private-sector engagement and exploring new approaches to financing natural capital.
Finance solutions
BIOFIN Uruguay has strategically prioritized 20 financing mechanisms through the PIR and has already moved forward with the early-stage implementation and design of several high-impact solutions:
- Greening the National Investment Promotion Regime (COMAP): Mainstreaming biodiversity conservation criteria into the national tax exemption regime. Stage: Early implementation. Lead agencies or partners: Ministry of Economy and Finance (MEF), Ministry of Environment (MA).
- Corporate Biodiversity Engagement and Disclosures: Through the launch of the "2026 Corporate Consultation on Biodiversity", BIOFIN is establishing a national baseline of how businesses and financial institutions manage nature-related risks, impacts, and dependencies. This sets the groundwork for future private sector financial instruments, aligned with Global Biodiversity Framework Target 15. Stage: Early implementation. Lead agencies or partners: Ministry of Environment (MA), Biodiversity & Enterprises Group.
- Blockchain-Based Natural Asset Tokenization (Nature-Fintech): Strategic and technical support to the nature-fintech startup Origen Latam to refine their "Equilibrium" proposal. This innovative mechanism uses blockchain technology to tokenize natural assets, aiming to channel private and international investments directly into local conservation efforts. Stage: Early implementation. Lead agencies or partners: UNDP & Origen Latam.
- Redesign of Nature-Harmful Agricultural Subsidies: A comprehensive assessment to identify, analyze, and redesign public incentives and agricultural subsidies with potential negative impacts on biodiversity. Stage: Designing. Lead agencies or partners: Ministry of Livestock, Agriculture, and Fisheries (MGAP), Ministry of Environment (MA), Ministry of Economy and Finance (MEF).
- Science-based financial product: Promoting the integration of science-based environmental indicators (such as the Ecosystem Integrity Index developed by INIA) into public and private banking credit lines (e.g., BROU Sostenible). The goal is to offer preferential rates and financial conditions for regenerative livestock and sustainable farming practices. Stage: Considering / Designing. Lead agencies or partners: Banco de la República Oriental del Uruguay (BROU), National Agricultural Research Institute (INIA), Ministry of Environment (MA), Ministry of Livestock, Agriculture, and Fisheries (MGAP).
Key results
BIOFIN Uruguay achieved three key strategic results that consolidate its national governance, catalyze private investment, and influence policy-making tools:
1. Consolidation of a Solid Governance Structure: A robust governance framework for Biodiversity Finance was established through the active functioning of the National Steering Committee. This platform has facilitated inter-institutional coordination, notably bridging the Ministry of Environment and the Ministry of Livestock, Agriculture, and Fisheries (MGAP), alongside other key actors, such as the Ministry of Economy and Finance, Office of Planning and Budget, Central Bank of Uruguay, and Uruguayan Agency for International Cooperation. The Committee has met regularly throughout the year, actively guiding the BIOFIN process and validating key milestones like the PIR.
2. Prioritization & Early Implementation of Biodiversity Finance Solutions: Through the finalization of the Policy and Institutional Review (PIR), 60 financial solutions were identified and 20 were prioritized. These findings were consolidated into three key deliverables (the full report, an executive summary, and a legal and planning database). Early implementation has progressed by mainstreaming biodiversity conservation criteria into the national investment promotion regime (COMAP), which grants tax exemptions to private projects. Additionally, BIOFIN provided continuous technical support to the nature-fintech Origen Latam (finalist in UNDP’s global SDG Blockchain Accelerator) to refine their natural asset tokenization proposal. Importantly, this strategic acceleration support did not represent any expense to the approved GBFP budget.
3. Launch of the 2026 Corporate Consultation on Biodiversity: Officially launched during the Expo Uruguay Sostenible 2026 in Montevideo, this national consultation targets public, private, and financial institutions. It represents a milestone in stakeholder engagement, aiming to map how the corporate sector understands, manages, and reports its dependencies, risks, impacts, and opportunities related to nature, serving as an input for the National Biodiversity Strategy to 2030.
Key documents
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