At the Conference of the Parties Convention on Biological Diversity 15 (CBD COP 15) in 2022, countries agreed to review and update their national biodiversity strategy and action plans and, for the first time, were also encouraged to develop, update, and implement national biodiversity finance plans or similar instruments. National biodiversity strategy and action plans (NBSAPs) and biodiversity finance plans (BFPs) are both intended to be guiding policy mechanisms for countries. NBSAPs are the main policy instrument for implementing the CBD at the national level. BFPs focus on closing the biodiversity funding gap, and thereby supporting the attainment of NBSAP targets. 

The development of NBSAPs and BFPs are two distinct processes, each requiring specific expertise to lead and guide the process. However, countries have an opportunity to undertake the two processes in a complementary manner, deepening the impact of both. This note briefly describes the two policy mechanisms, and explains how they can be developed in a complementary manner.