Locations
BIOFIN
Global Program for Supporting Biodiversity Finance Plans
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.
BIOFIN Project Objective
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
Goal
The 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.
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.
Components
Project components and related activities relevant to implementation in Bosnia and Herzegovina:
Component 1. National biodiversity finance policy and institutional reviews
Component 2. National biodiversity expenditure reviews conducted across all relevant sectors
Component 3. National assessments of the financing required to achieve the Global Biodiversity Framework targets
Component 4. Development of national biodiversity finance plans
Expected results
- Establishment of the Working Group for Financing Biodiversity Protection
- Analysis of policies, legislation, programs of relevant public and private organizations
- Identification of direct, indirect and most significant trends and drivers of changes in the state of biodiversity
- Mapping of economic and financial mechanisms, including incentives with positive and negative impact on biodiversity
- Development of reports on the institutional framework for biodiversity protection with recommendations for optimizing the current institutional structure and identified financial solutions
- Definition of scope, type and category of investment; harmonized with the accounting system and investments in the implementation of SDGs
- Development of reports on investments in biodiversity
- Assessment of financial investment for the implementation of policies, laws and goals related to Global Biodiversity Framework
- Assessment of the unsatisfied financial needs necessary to achieve the goals of biodiversity conservation
- Detailed assessment of financial needs for biodiversity conservation
- Comprehensive presentation of financial mechanisms with activities to improve current financial flows
- Selection of priority financial mechanisms and creation of technical proposals
- Development of risk management plans
- Preparation of scenarios for the implementation of financial plans
Duration:
2024 - 2027
Donor:
Global Environment Facility (GEF)
Value:
314.000,00 USD
Main partners:
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.
