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.

As a signatory party to Convention on Biodiversity (CBD), the Mongolian government is striving to ensure protection and sustainable use of biological resources in line with national development goals. Achieving national, regional and global biodiversity goals and financing biodiversity is a shared responsibility of all stakeholders including representatives from the public and private sector, NGOs, CSOs, international donors and other organizations.

UNDP believes a transformation is needed in the way biodiversity finance is planned and managed, unlocking resources to meet the Aichi Targets, in a manner that promotes sustainable development and the eradication of poverty. In this context, UNDP and the European Commission had launched The Biodiversity Finance Initiative – BIOFIN at the 10th Conference of Party to CBD in 2012.

The overarching objective of BIOFIN is to deliver a new methodological framework, facilitating the identification, development and implementation of optimal and evidence-based finance plans and implementation of finance solutions.

Since 2015, UNDP has been implementing the BIOFIN project in Mongolia with objectives of assessment on national biodiversity finance need, prioritization and implementation of feasible solutions to fill the existing finance gap. A comprehensive study, carried out by BIOFIN Mongolia over the period of 2015-2019, have prioritized evidence-based finance solutions, that have the potential to ensure long-term sustainable financing on biodiversity conservation under national circumstances.

In early 2020, UNDP Mongolia has launched the second phase of the BIOFIN project to execute the most feasible two finance solutions, namely: enforcement of natural resource use fee law (endorsed in 2012) and establishment of Mongolian Conservation Trust Fund (MCTF), to support on reaching national biodiversity targets through reducing conservation finance gap in Mongolia.

What are the project goals?

The Biodiversity Finance Initiative (BIOFIN) Phase II aims to produce improved biodiversity and development outcomes and to contribute to filling the finance gap through the implementation of Biodiversity Finance Solutions.

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.

The primary goal of the BIOFIN-Phase II is to implement the two finance solutions to support reaching national biodiversity targets, promote sustainable financing efforts in Mongolia. 

Output  1: Improve the implementation of the Law on Natural Resource Use Fees (BRR)

Output  2: Initiate the establishment of the Mongolian Conservation Trust Fund (CTF)

Indicators: Output 1- Percentage of BAT revenue to be spent on environmental protection and rehabilitation measures. Output 2 - CTF model, fundraising plan, management structure, and financing principles. 

 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.

For more information www.biodiversityfinance.net