BIOFIN activities in Costa Rica
The inception workshop for BIOFIN in Costa Rica has taken place in November 2013, with the participation of 3 government Ministers. Since then, the BIOFIN team has started data collection and consultations for the first BIOFIN activities.
Well renowned broadcaster of Germany, Deutsche Welle, visited Costa Rica in November,2015 and featured the activities of BIOFIN in their Global Ideas Program. Their visit comprised of capturing the beautiful nature and biodiversity in the country, conducting interview with biodiversity finance experts and meeting government representative involved. Click here for more details.
Altogether, the following are implemented in Costa Rica.
1. Biodiversity Finance Policy and Institutional Review (PIR)
Through this process, the national BIOFIN Team maps the impact of economic sectors on biodiversity, identifies the main financing mechanisms being used and reviews which subsidies have an impact on biodiversity. The PIR also reviews the overall financing architecture for biodiversity in the country and generates specific recommendations for an improved institutional framework.
2. Biodiversity Expenditure Review
Through the Biodiversity Expenditure Review, the national BIOFIN team assesses 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 find out how much it would cost to complete all activities and reach all goals of the National Biodiversity Action Plan.
4. Biodiversity Finance Plan
Under this component BIOFIN will develop a strategy to mobilize potential finance actors and mechanisms to reach national biodiversity targets.
Status: To start in 2015
5. Implementing the Biodiversity Finance Plan
The scope of activities shall be defined by the recommendations of the Resource Mobilisation Strategy.
Status: To start in 2015
Information about the country and partnerships
Costa Rica is a global biodiversity hotspot where an estimated 6% of all known species reside, totalling over 87,000 species. Over the past decades the government has piloted a number of progressive financing mechanisms, which have helped to reverse forest loss and conserve biodiversity. Its Payment for Ecosystem Services Programme was established in the 1990s provides compensation to farmers for land left aside for forest conservation, contributing to the country's expansion of the forest coverage. There are over 160 protected areas, comprising over 13% of the national territory.
Biodiversity Finance example in Costa Rica: Costa Rica has been a pioneer in Payment for Ecosystem Services. Starting in 1996, the programme focused on four ecosystem services: Carbon sequestration, hydrological services, sustainable biodiversity management and the conservation of scenic beauty. Costa Rica has already invested USD14 million in PES and nearly one million of hectares of forest have been covered by the programme, contributing to the country's reforestation. The benefits of PES went beyond environmental conservation, turning out to have a very positive impact on empowering minority groups such as women and indigenous groups.