Building Capacity to Close Biodiversity Financing Gaps

Workshop boosts capacity for Bhutan's biodiversity finance solutions

November 21, 2024

a group of people in a room — Around 34 key individuals from various relevant stakeholders came together to attend the capacity building workshop.

UNDP Bhutan / Karma Jamtsho

Aiming to bridge the biodiversity financing gap and support sustainable development, the UNDP Biodiversity Finance Initiative (BIOFIN) conducted a one-day capacity-building workshop in Thimphu. The workshop equipped Royal Government of Bhutan (RGoB) officials with innovative financing tools and strategies to advance sustainable biodiversity conservation.

a group of people sitting at a table — The capacity building workshop was held in Thimphu for a day, covering important topics.

UNDP Bhutan / Karma Jamtsho

The event brought together key stakeholders, including representatives from the Ministry of Finance, the Department of Tourism, the Department of Forests and Park Services, and the National Biodiversity Center. The workshop emphasized aligning financial solutions with Bhutan’s National Biodiversity Strategies and Action Plans (NBSAP) to promote a biodiversity-positive economy.

a group of people posing for a picture — The Royal Government of Bhutan in partnership with UNDP launched four Biodiversity Finance (BIOFIN) solutions last year.

UNDP Bhutan / Dechen Wangmo

The workshop featured in-depth discussions on four innovative biodiversity finance solutions currently being implemented in Bhutan since their launch last year:

Institutionalizing Biodiversity and Climate Expenditure Reviews (BCER): Enhancing financial tracking and embedding performance-based budgeting into biodiversity strategies.

Mainstreaming Biodiversity into Local Plans: Localizing biodiversity solutions and supporting sustainable development strategies at the district level.

Boosting Ecotourism Revenues: Leveraging tourism in parks and conservation areas as a key economic driver for biodiversity financing.

Redesigning the Human-Wildlife Conflict Insurance Scheme: Developing an insurance mechanism to protect rural livelihoods and biodiversity.

a group of people sitting at a table in a room — The sessions combined presentations with engaging interactive elements, including Q&A discussions and experience sharing.

UNDP Bhutan / Karma Jamtsho

Globally, USD 150 billion is invested in biodiversity annually, but this falls short of the USD 824 billion required to meet conservation needs. UNDP BIOFIN, through its innovative methodology, aims to close this gap by enhancing biodiversity finance solutions worldwide. In Bhutan, a financing gap of USD 75 million had been identified by BIOFIN for implementing the 4^th National Biodiversity Strategy and Action Plan (NBSAP) 2014 and for achieving the biodiversity targets of the 12^th Five-Year Plan.

a group of people sitting at a table eating food — Pierre Lanfranco, the Environmental Finance Analyst for Global BIOFIN.

UNDP Bhutan / Karma Jamtsho

As countries around the world update their NBSAPs in alignment with the Kunming-Montreal Global Biodiversity Framework (KMGBF), BIOFIN Bhutan is now working to upscale its existing financing solutions and devise new solutions to close the financing gap and achieve the targets in the 5^th iteration of Bhutan’s NBSAP.

a man sitting in a room — Andrew Seidl, Senior Technical Advisor for Global BIOFIN

UNDP Bhutan / Karma Jamtsho

“Rather than simply spending money with the hope of improving biodiversity outcomes, we are setting clear targets and localizing solutions to be more efficient, effective, and to avoid future costs of our actions today” said Andrew Seidl, Senior Technical Advisor for Global BIOFIN. He highlighted that BIOFIN’s global efforts have already bridged USD 400–500 million in biodiversity financing gaps.

Participants explored the BIOFIN methodology, including policy and institutional reviews, financial needs assessments, and expenditure tracking. They also engaged in learning sessions on financial mechanisms already being practiced in Bhutan such as Access and Benefit Sharing (ABS), and Performance-Based Budgeting (PBB) that can be leveraged to generate revenue and avoid or realign negative expenditures for biodiversity.

The event showcased Bhutan’s progress and ongoing efforts to integrate biodiversity into national and local plans while fostering international collaboration. As part of the workshop, the BIOFIN FIRE platform was introduced, providing access to over 359 global biodiversity financing opportunities.

a person standing in a room — Strengthening collaboration between government counterparts to create a transformative change for people and nature.

UNDP Bhutan / Karma Jamtsho

As the world moves closer to the 2030 deadline for the Global Biodiversity Framework (GBF), Bhutan’s innovative approach to biodiversity financing sets a powerful example of integrating global goals with local realities. The capacity-building workshop reinforced the importance of collaboration among stakeholders to achieve transformational change for people and nature. For more information on BIOFIN and its work in Bhutan, visit BIOFIN Bhutan.

For more information, please contact: Mr. Karma Jamtsho, Programme Communications and Advocacy Analyst, UNDP Bhutan | Email: karma.jamtsho1@unpd.org