The biodiversity finance initiative (BIOFIN): Mobilizing Resources for Biodiversity and Sustainable Development
Viet Nam is one of the world’s sixteen most biologically diverse countries. It contains about 10% of the world’s species although it covers less than 1 per cent of the global land area. Viet Nam hosts a diversity of marine, coastal, wetlands, forests and mountain ecosystems and a high number of endemic species. Protecting biodiversity is important to the achievement of Viet Nam’s national sustainable development strategy and social economic development strategy and plans. Although like many countries, Viet Nam is experiencing rapid biodiversity loss due to illegal logging and wildlife poaching. Habitats are being lost due to forest conversion and the expansion and intensification of agriculture. To date, there has not been any comprehensive assessment of the level financial flows to biodiversity conservation in Viet Nam. In order to support sustainable development and protect Viet Nam’s natural heritage, better understanding the nature of biodiversity financing and the identification revenue generating mechanisms and innovative financing models is required. Viet Nam has been invited to join the BIOFIN Initiative and the financial partners to BIOFIN are highly supportive of Viet Nam’s participation. Through technical and financial support, BIOFIN can assist Viet Nam to assess the current financial flows to biodiversity protection and develop appropriate action plans and mechanisms to improve the flow and sustainability of finance. Furthermore, it will assist in costing the implementation of the recently undated National Biodiversity Strategy and Action Plan (NBSAP).
What are the project's key outcomes?
Some specific Outcomes of the BIOFIN project in Viet Nam include the following:
1) Improved understanding of existing budgeting and planning processes and how to better integrate Biodiversity and ecosystem services more effectively.
2) Comprehensive understanding of historical investments and recurring expenditures in biodiversity related activities in both the private and public sector.
3) A clear understanding of the financing needs to accomplish the goals established in the NBSAP and other key national strategic plans related to biodiversity
4) Improved capacity to understand and act upon opportunities in biodiversity finance to create a more effective, well financed, and more efficient biodiversity conservation community in the country
5) Improved coordination and collaboration among the different government and non-government entities working on biodiversity conservation, economic development, and planning.
Finance, Executing and Implementing Agency
Implementing Partner: UNDP Viet Nam
Responsible Party: Ministry of Natural Resources and Environment