Ghana launches Biodiversity Finance Initiative to scale up investment for nature protection

The Government of Ghana and the United Nations Development Programme (UNDP) have launched the Biodiversity Finance Initiative (BIOFIN), with funding from the Global Environment Facility (GEF-8) Umbrella Programme.

The three (3) year program is designed to safeguard Ghana’s rich biodiversity and secure sustainable financing for environmental protection.

The initiative comes at a critical time when global attention is focused on addressing the alarming rate of biodiversity loss. The Kunming-Montreal Global Biodiversity Framework, adopted by 196 countries in December 2022, set ambitious targets to halt and reverse nature loss. Two of the 23 action targets that have relevance for biodiversity financing are targets 18 and 19, which are focused on eliminating nature harmful capital flows and scaling up of finance for nature positive activities. The financing plan will be informed by baseline studies, policy reviews, and a comprehensive analysis of financial needs and existing biodiversity investments.

However, achieving these targets will require significant financial resources and innovative financing solutions which BIOFIN is uniquely positioned to deliver. Through the initiative, Ghana will develop and operationalize a national biodiversity financing plan, mobilize financial resources, and build capacity to develop and implement its National Biodiversity Strategy and Action Plan (NBSAP); including meeting Global Biodiversity Framework (GBF) commitments.

To set the stage for a successful rollout, a stakeholder engagement and knowledge sharing workshop was held prior to the launch to orient sensitise key stakeholders including government institutions, private sector actors, and civil society on the goals and objectives of the BIOFIN programme in Ghana. This engagement helped ensure alignment and buy-in for the program’s implementation and long-term success.

Speaking at the launch, Fati Attahiru, Acting Deputy Resident Representative of UNDP Ghana, emphasized the need for innovative, cross-sector collaboration to achieve nature-positive outcomes.

“UNDP Ghana is confident that the Project Steering Committee will successfully guide the Ghana BIOFIN program in creating a pioneering National Biodiversity Finance Plan. This plan aims to mobilize and leverage financial resources for effective biodiversity conservation, helping to close the estimated $700 billion annual biodiversity funding gap” she noted

The Director of Environment, at the Ministry of Environment Science and Technology (MEST), Dr. Peter Dery noted that “Ghana has made significant strides in biodiversity conservation, meeting the deadline for submitting national targets to the Convention on Biological Diversity. We're now finalising our National Biodiversity Strategy and Action Plan, engaging stakeholders nationwide through inclusive consultations to ensure a comprehensive approach”.

On his part, the BIOFIN, Regional Technical Advisor Mr. Bruno Mweemba stressed that there is no shortage of financial resources for nature-positive actions globally. However, he emphasized that the financing solutions which are expected to be the final output of Ghana’s finance plan must be bankable in order to attract the required funding from diverse sources to bridge the US$ 700 billion finance gap.

The BIOFIN approach, developed by UNDP and already implemented in over 133 countries globally will engage finance and environment ministries alongside the private sector and civil society to align national development priorities with nature-positive investments.