India is one of the 17 megadiverse countries in the world with over 47,000 species of plants and 96,000 species of animals. India’s economy and livelihoods of millions of people depend on preventing biodiversity loss and environmental degradation. India house four of the global biodiversity hotspots and also serves an acknowledged centre of crop diversity. India has developed its National Biodiversity Action Plan in 2008 with an Addendum in 2014 when India also set its 12 National Biodiversity Targets in consultation with concerned line ministries/ departments, using the Strategic Plan and its 20 Aichi Biodiversity Targets as a framework. BIOFIN in India is led by the Ministry of Environment, Forest and Climate Change and is hosted by the National Biodiversity Authority. While BIOFIN is a country-wide programme, it is being piloted in two states – Maharashtra and Uttarakhand through the two State Biodiversity Boards. The project in the earlier stage has been supported by technical assistance from the National Institute for Public Finance and Policy and Wildlife Institute of India. UNDP India manages the BIOFIN programme. The programme is guided by a Technical Advisory Group. BIOFIN In India is a country-driven process and builds on the activities undertaken for assessing funding for Biodiversity as part of preparing NBAP Addendum 2014.
Prioritised Finance Solutions
- Mainstreaming biodiversity in existing schemes and programmes of government of India through advocacy and capacity building to enhance the investments/ expenditure towards conservation (in select sectors)
- Corporate Social Responsibility
- One innovative financial instrument (through a bank)
India has completed a Policy and Institutional Review at the National level and for two project states. The National level assignment and for the state of Uttarakhand was undertaken by the Wildlife Institute of India. The PIR for Maharashtra was done by the National Institute for Public Finance and Policy.
India has completed the Biodiversity Expenditure Review at the National level and for two project states. The National level assignment and for the state of Uttarakhand was undertaken by the Wildlife Institute of India. The BER for Maharashtra was done by the National Institute for Public Finance and Policy. The investments in the area of biodiversity by the private and public corporates in India were reviewed by IORA and NIPFP respectively.
Costing of the National Biodiversity Action Plan or the Finance Needs Assessment is being done by the National Biodiversity Authority. UNDP is providing technical expertise to the two states in the preparation of the State Biodiversity Action Plans and in their costing component.
National Biodiversity Authority is taking the lead in this component.
A preliminary and rapid mapping of 50 financial solutions has been done by the Wildlife Institute of India. A detailed assessment of these solutions will be undertaken soon using the BIOFIN workbook.