BIOFIN

RELEVANCE – UPSC GS PRELIMS & GS MAINS-III

PRACTICE QUESTIONS

First go through the text (given after the questions) and then attempt the questions.

QUES 1 . Biodiversity Finance Initiative(BIOFIN) was launched by

a . International Union for Conservation of Nature (IUCN)

b . United Nations Environment Programme (UNEP)

c . United Nations Development Programme(UNDP)

d . Intergovernmental Panel on Climate Change (IPCC)

Answer – c

QUES 2 . Which among the following are the goals of BIOFIN –

1 . Develop  a new methodology to fill the financing gap for biodiversity.

2 . Support CBD parties in reporting on resource mobilization.

3 . Assist countries to better mobilize and align domestic and international finance for biodiversity.

Select the correct code from the following:

a . 1 & 2

b . 1 & 3

c . 2 & 3 

d . 1 , 2 & 3

Answer – d

ABOUT  BIOFIN

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Biodiversity Finance Initiative(BIOFIN) was launched by UNDP in October 2012 . It is a new global partnership seeking to address the biodiversity finance challenge in a comprehensive manner. It seeks to  build a sound business case for increased investment in the management of ecosystems and biodiversity.

Background

Available evidence and the decisions adopted by Parties to the Convention on Biological Diversity (CBD) indicate that a significant gap remains in finance for biodiversity management, for countries to drastically scale up their efforts and achieve the 20 Aichi Targets defined in the CBD’s Strategic Plan for 2011-2020.

A preliminary assessment conducted under the auspices of the High-level Panel on Global Assessment of Resources for Implementing the CBD Strategic Plan estimated that the global investment required ranges between 130 and 440 billion US$ annually. While useful, this and similar other global estimates are based on extrapolations sensitive to the underlying assumptions. To define biodiversity finance needs and gaps with greater precision and determine related challenges and opportunities for resource mobilization, detailed national-level (bottom-up) assessments are therefore required.

Goals of BIOFIN 

1 . Develop and pilot a new approach and methodology to fill the financing gap for biodiversity.
2 . Support CBD parties in reporting on resource mobilization (Financial Reporting Framework).
3 . Assist countries to better mobilize and align domestic and international finance for biodiversity, including implementation of NBSAPs, and to achieve sustainable development goals.

Management of BIOFIN

BIOFIN is managed by the UNDP Ecosystems and Biodiversity Programme, in partnership with the European Union and the Governments of Flanders, Germany, Norway and Switzerland. The Global Environment Facility is a further partner financing parallel in-country projects in support of the revision of National Biodiversity Strategies and Action Plans (NBSAPs).

Participating countries

Currently there are 30 countries where BIOFIN is implemented including India.

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CBD-BIOFIN Regional Nodes

In December 2016, during CBD COP 13, BIOFIN launched the CBD-BIOFIN Regional Nodes. The objective of the CBD-BIOFIN Regional Nodes is to provide technical support for countries that do not implement a full BIOFIN programme.

How BIOFIN helps countries? 

The BIOFIN methodology provides an innovative, stepwise and adaptable approach that enables countries to:

1) Analyse the policy and institutional context for biodiversity finance.

2) Measure the current biodiversity expenditures.

3) Assess future financial needs.

4) Identify and mobilize the resources and policies required to successfully implement the most suitable finance solutions to achieve national biodiversity plans and targets

Finance results that countries can pursue

BIOFIN recognises 4 types of finance results countries can pursue:

1 . Delivering better: Enhance efficiency and Synergies
2 . Avoid Expenditures: Prevent or reduce future expenditure needs .
3 . Mobilising Resources: Generate or leverage financial resources .
4 . Re-aligning Resources: Re-orient existing financial flows.