The Government of Rwanda through Rwanda Environment Management Authority (REMA), with the funding of the United Nations Development Program (UNDP) is implementing the project entitled: “ Building Transformative Policy and Financing Frameworks to Increase Investment in Biodiversity Management ” (also called the Biodiversity Finance Initiative - BIOFIN).
BIOFIN project which currently implemented in 31 countries supports countries with a methodology that provides innovative steps to measure current biodiversity expenditures, assess financial needs, identify the most suitable finance solutions and provides guidance on how to implement these solutions to achieve their national biodiversity target.
The main components of BIOFIN Project are the following:
- The Biodiversity Finance Policy and Institutional Review (PIR) looks into the policy and institutional context for biodiversity finance in the country and establishes which the key stakeholders to involve are.
- The Biodiversity Expenditure Review (BER) is an analysis of public and private expenditures in the country that benefit biodiversity. The assessment establishes past, present and projected expenditures on biodiversity.
- The Financial Needs Assessment (FNA) estimates the finance required to deliver national biodiversity targets and plans, usually described in the NBSAPs.
- The Biodiversity Finance Plan (BFP) identify and prioritizes a mix of suitable biodiversity finance solutions to reduce the biodiversity finance gap.
- The last component of the BIOFIN process is the implementation phase. The BIOFIN national teams make a selection between the prioritized finance solutions and provide technical support for their implementation
The principle objective of BIOFIN project is to clarify the available financing, resources needed, by using the three assessments and the Biodiversity Finance Plan implementation, which deploys various financial and economic tools to identify ways of increasing resources and reducing needs.
The National BIOFIN approach is explained in the graph below, including the four results leading to the reduction of the biodiversity finance gap.
More documents about the Project.
- Economic Assessment of Akagera Wetland Complex: Identifying Finance Solutions for Improved Management- Report.
- Rwanda biodiversity financial needs Assessment.