The Biodiversity Finance Initiative (BIOFIN) - Program 2023 to 2026

The Biodiversity Finance Initiative (BIOFIN) supports countries to develop evidence-based Biodiversity Finance Plans (BFPs). The initiative allows countries to increase resources for biodiversity reduce needs by greening sectoral budgets and identify areas to use available resources more effectively. BIOFIN supports countries in implementing financial solutions to reach their national biodiversity targets. Canada supports BIOFIN from 2023 to 2026 in 16 countries to implement Biodiversity Finance Plans that contribute to national biodiversity and climate goals with positive impacts on gender equality. Countries select priority financial solutions from their Biodiversity Finance Plan or create additional solutions with the highest potential to accelerate the implementation of the Kunming-Montréal Global Biodiversity Framework. These results aim to inform the new BIOFIN Methodology to better consider climate goals resulting in a new ‘climate edition’ of the BIOFIN Workbook scheduled for release in 2026.

The expected outcomes for this project include: (1) integrated climate change and gender equality into the design process of national biodiversity finance plans. It does so through BIOFIN aiding four pilot countries in designing an expanded national biodiversity finance plan. This plan would include financial solutions contributing to each country’s national climate and biodiversity goals while considering gender equality aspects from the outset; (2) implemented financial solutions contributing to national biodiversity and climate goals. This component focuses on 12 countries and identifies new or scales-up existing biodiversity finance solutions to cater to national climate goals and gender equality; and (3) implemented gender-responsive finance solutions in seven of the 12 targeted countries.