CHM - ORTIncreasing overall national resources is an important part of the solution to close the biodiversity funding gap. Biodiversity authorities will need a new budget. Federal and regional authorities remain responsible for these issues and have the internal skills to implement them. A government-wide approach, and in particular the involvement of ministries of economy, finance and development, is crucial for the effective integration of biodiversity into their work.
The budget that provincial and municipal governments allocate for nature is already substantial, but their contributions could be even more substantial. A larger share of municipal taxes could be earmarked for local action in favour of biodiversity. Moreover, people associate more strongly with their local nature and are more willing to invest in it. As a result, willingness to pay for local biodiversity conservation is expected to become more natural. Another way forward is to develop urban greening plans for every city with more than 20,000 inhabitants (see Objective 3.5), largely self-financed by local governments, but with sufficient support from higher political levels.
The Global Biodiversity Finance Initiative (BIOFIN) defines the Biodiversity Finance Plan as a tool to implement the most optimal financing solutions to achieve national biodiversity targets. The plan is a national document involving the public sector, the private sector and civil society organisations.
To ensure the success of financing strategies, it is essential that they are based on solid data, including positive spending on biodiversity within the national economy, identification of financial incentives that have a negative impact on nature and an accurate estimate of the financial needs to meet all national biodiversity targets.
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Figure 4: Source of domestic funding for biodiversity (Source: UNEP/CBD/COP/11/14/ADD1)
| Global Targets | Degree of Alignment |
GBF-T19. Financial resources increased to $200 billion per year, including $ 30 billion through international finance GBF-T19. Financial resources increased to $200 billion per year, including $ 30 billion through international financeSubstantially and progressively increase the level of financial resources from all sources, in an effective, timely and easily accessible manner, including domestic, international, public and private resources, in accordance with Article 20 of the Convention, to implement national biodiversity strategies and action plans, by 2030 mobilizing at least 200 billion United States dollars per year, including by:
(a) Increasing total biodiversity related international financial resources from developed countries, including official development assistance, and from countries that voluntarily assume obligations of developed country Parties, to developing countries, in particular the least developed countries and small island developing States, as well as countries with economies in transition, to at least US$ 20 billion per year by 2025, and to at least US$ 30 billion per year by 2030;
(b) Significantly increasing domestic resource mobilization, facilitated by the preparation and implementation of national biodiversity finance plans or similar instruments according to national needs, priorities and circumstances;
(c) Leveraging private finance, promoting blended finance, implementing strategies for raising new and additional resources, and encouraging the private sector to invest in biodiversity, including through impact funds and other instruments;
(d) Stimulating innovative schemes such as payment for ecosystem services, green bonds, biodiversity offsets and credits, benefit-sharing mechanisms, with environmental and social safeguards;
(e) Optimizing co-benefits and synergies of finance targeting the biodiversity and climate crises;
(f) Enhancing the role of collective actions, including by indigenous peoples and local communities, Mother Earth centric actions[1] and non-market-based approaches including community based natural resource management and civil society cooperation and solidarity aimed at the conservation of biodiversity;
(g) Enhancing the effectiveness, efficiency and transparency of resource provision and use.
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[1] Mother Earth-centric actions: Ecocentric and rights-based approach enabling the implementation of actions towards harmonic and complementary relationships between peoples and nature, promoting the continuity of all living beings and their communities and ensuring the non-commodification of environmental functions of Mother Earth. | High |