With its rich biological, climatic, and landscape diversity, Bosnia and Herzegovina ranks among the top five countries in Europe. At the same time, biodiversity in Bosnia and Herzegovina faces a range of impacts from climate change, including habitat changes, the spread of invasive species, changes in water levels and quality, increased risk of forest fires, and increased vulnerability of forests. Several protected areas have recently been affected by catastrophic forest fires. 

Simultaneously, the field of nature and biodiversity conservation in Bosnia and Herzegovina faces a significant gap between urgent and growing financial needs and the available financial resources, which are, almost exclusively, coming from the public budgets.

The BIOFIN project's goal is to support the global program for biodiversity finance in all participating countries, including all relevant institutions, as well as the private and financial sectors through a socially and gender-inclusive approach. To achieve this, the project will assist countries in identifying the current state, strengthening capacities, institutional strengthening, and developing financial plans for mobilizing resources and implementing the Kunming-Montreal Global Biodiversity Framework. In addition to Bosnia and Herzegovina, the following countries from our Region are included among the 91 countries worldwide: Albania, Montenegro, Serbia, and North Macedonia.

The project will be implemented in close cooperation with the Ministry of Foreign Trade and Economic Relations of Bosnia and Herzegovina, the Ministry of Environment and Tourism of the Federation of Bosnia and Herzegovina, the Ministry of Finance of the Federation of Bosnia and Herzegovina, the Ministry of Spatial Planning, Construction, and Ecology of Republika Srpska, the Ministry of Finance of Republika Srpska, the Ministry of Trade and Tourism of Republika Srpska, the Environmental Protection Fund of the Federation of Bosnia and Herzegovina, and the Environmental Protection and Energy Efficiency Fund of Republika Srpska.

In addition to these institutions, the project will actively collaborate with relevant government and non-governmental institutions, the private sector from the financial and environmental protection sectors, representatives of higher education institutions, and local government.

This is the first initiative of this kind implemented by UNDP in Bosnia and Herzegovina which tends to promote and support a multisectoral approach to biodiversity conservation and emphasizes the necessary cooperation among institutions from the finance and environmental protection sectors.

Financial plans for biodiversity protection will be prepared based on a detailed assessment of the policy and institutional frameworks, as well as an assessment of biodiversity investments and financial needs, including the effectiveness of relevant financial plans. Through this process, the project aims to improve the financing process for nature and biodiversity protection through a participatory approach and the inclusion of all relevant stakeholders.