BIOFIN activities in Chile
In Chile, a steering committee has been formed which constitutes relevant institutes including major ministries. The Technical Committee reviewed the results from the Public and Institutional Review. Early in 2015, inception workshop took place. More than 40 participants took part in the workshop. The participants represented different stakeholders, including key ministries. The approach to be followed was communicated to the stakeholders. BIOFIN's work on public expenditure has been a useful input for the NBSAP costing report.
The BIOFIN team is working presently on the finance/resource mobilization plan. The team, with collaboration of Ministry of Environment, has identified mechanisms, which could be used to fill the finance gaps. BIOFIN team works in close collaboration with other national teams in different programs, as well as collaborating with The Ministry of Environment's Economic Planning Unit (EPU) on the development of a new GEF project. This collaboration supports BIOFIN resources mobilization strategy in the country.
1. Biodiversity Finance Policy and Institutional Review (PIR)
Policy and Institutional Review has been completed in Chile. Through this process, the national BIOFIN Team mapped the impact of economic sectors on biodiversity, identified the main financing mechanisms being used and reviewed which subsidies have an impact on biodiversity. The PIR also reviewed the overall financing architecture for biodiversity in Chile and generated specific recommendations for an improved institutional framework.
2. Biodiversity Expenditure Review
Biodiversity Expenditure Review has been completed. Through the Biodiversity Expenditure Review, the national BIOFIN team assessed which expenditures national stakeholders incur towards biodiversity, from both national and international resources, including the public and private sector. This helps the country generate national level expenditure data on biodiversity.
3. Biodiversity Finance Needs Assessment
Detailed calculations will be made to identify the financial gap for biodiversity and the overall costs to complete all activities and reach the targets of the National Biodiversity Action Plan.
4. Biodiversity Finance Plan
Under this component BIOFIN will develop a strategy to mobilize potential finance actors and finance mechanisms to reach national biodiversity targets.
Status: To start in 2016.
5. Implementing the Biodiversity Finance Plan
Once component 3 is complete, BIOFIN will implement activities and finance mechanisms to raise revenues for biodiversity and ecosystem services conservation.
Status: To start in 2016.
Visit BIOFIN Chile Website. ( In Spanish )
Information about the country and partnerships
Chile has a high number of endemic species due to its unique geography, covering an area linking the subtropical north with the Antarctic South, with the Andes Mountains shaping the western border. The National System of State protected Wilderness Areas covers around 15% of the nations' territory.
Biodiversity Finance example in Chile - With support from IFC, Chile has pioneered investing in forestry through the establishment of the Lignum Investment Fund (Fondo de Inversión Forestal Lignum), an 8-year Private Equity Forestry Fund launched in 2006, with a finance volume of around 40 Million US$. It aims to support small and medium sized landowners in Central Chile with acquiring land use rights and the afforestation of eroded land.