Biodiversity Finance Initiative (BIOFIN) - Mongolia
What is the project about?
Biological resources are vital to humanity's economic and social development. As a result, there is a growing recognition that biological diversity is a global asset of tremendous value to present and future generations. At the same time, the threat to species and ecosystems has never been so great as it is today. Species extinction caused by human activities continues at an alarming rate.
In response, an international legal instrument for the conservation and sustainable use of biological diversity was prepared and 168 countries ratified the Convention on Biological Diversity (CBD). Nevertheless, available evidence and decisions adopted by the Parties to the CBD indicate that the current levels of investment in biodiversity management are inadequate to achieve the 20 Aichi Targets defined in the CBD’s Strategic Plan for Biodiversity 2011-2020. A preliminary assessment recently conducted under the auspices of the High Level Panel on Global Assessment of Resources for Implementing the CBD Strategic Plan for 2011-2020, estimated that the global investment required amounts to between 130 and 440 billion US$ annually.
In this context, UNDP launched The Biodiversity Finance Initiative (BIOFIN) in 2012. BIOFIN is a global partnership, currently available in 30 countries addressing the biodiversity finance challenge in a comprehensive manner. In a wider context, BIOFIN provides countries with a model to develop investment plans for the primary biodiversity-related SDG goals (14 and 15). Explicitly, BIOFIN supports countries to achieve the 20 Aichi Targets to substantially increase the mobilisation of financial resources by 2020.
What are the project goals?
BIOFIN aims at providing support for countries to initiate a national policy dialogue and transformational process through a stepwise customizable approach to identify and mobilise the resources and policies required to bridge the gap between the current approach to financing biodiversity and that needed to successfully implement national biodiversity plans and achieve national biodiversity targets.
Main components of BIOFIN are:
- Component 1: Integrate biodiversity and ecosystem services in sectoral and development policy, planning and budgeting;
- Component 2: Assess the financing and governance needs for the management and conservation of biodiversity and ecosystem services;
- Component 3: Identify, combine and sequence different funding sources to meet biodiversity financing needs, and develop resource mobilization plan;
- Component 4: Pilot test selected options included in the resource mobilization plan.
Who finances it?
BIOFIN is managed by the UNDP Ecosystems and Biodiversity Programme and supported by the European Union and the Governments of Germany, Switzerland, Norway and Flanders. The Global Environment Facility is a further partner financing parallel in-country projects. As of January 2015, BIOFIN’s total budget is USD 28 million. BIOFIN-Mongolia is funded by the Government of Germany through UNDP-GEF.
What are Aichi targets and National Biodiversity targets?
Aichi targets are a Strategic Plan comprised of a shared vision, a mission, strategic goals and 20 ambitious yet achievable targets adopted by the Parties to the CBD. It serves as a flexible framework for the establishment of national and regional targets and it promotes the coherent and effective implementation of the three objectives of the Convention on Biological Diversity, which are:
- conservation of biological diversity (or biodiversity);
- sustainable use of its components; and.
- fair and equitable sharing of benefits arising from genetic resources.
In August 2015, Government of Mongolia approved by the National Biodiversity Program 2015-2025 by Decree No.325. The National Biodiversity Program was prepared within the framework of CBD objectives and Aichi targets. It has the vision of guaranteeing all citizens’ “right to a healthy and safe environment and to be protected against environmental pollution and ecological imbalance” as defined by the Constitution of Mongolia. The strategic goals of the National Biodiversity Program are:
- Increase awareness and knowledge on Biodiversity conservation and sustainable use among both decision makers and the general public;
- Develop and implement science based policy on conservation and sustainable use of biological resources;
- Sustainable use of biodiversity;
- Improve policies and legal environment for conservation and use of biological diversity and ecological services.
Within the framework of the strategic goals, the program includes 14 goals, 29 objectives, and 74 outputs to ensure the conservation and sustainable use of biodiversity in Mongolia until year 2025.