Innovative Biodiversity Financing Urged to Unlock Africa’s Economic Potential

African countries must think innovatively about biodiversity financing, beyond traditional national budget funding, to realize Africa’s economic potential. This was the call made Tuesday, May 2oth in South Africa by participants at an international conference on the review of national and regional biodiversity strategies and action plans.

“Every hectare of forest cleared, every waterway polluted, and every species lost diminishes not only our ecological wealth, but also our economic potential,” was the grim observation made Tuesday in Cape Town by participants in the regional dialogue of member states of the Southern African Development Community (SADC), the East African Community (EAC), and other English-speaking countries.

The meeting focused on updating or revising biodiversity strategies. According to delegates, more than 7,000 species across Africa are threatened with extinction, which could harm Africa’s economic potential.

Innovating in financing strategies in Africa

Participants highlighted that the financing gap to halt and reverse biodiversity loss by 2030, from all sources, is estimated at $200 billion per year.

“Biodiversity is not a luxury; it is the foundation of our economies, our health, and our survival,” speakers argued, arguing that robust biodiversity strategies are more than just policies; they are strategic tools for unlocking international funding, attracting private investment, and directing public spending to where it matters most.

The speakers provided an overview of innovative financing solutions developed in some African countries under the Biodiversity Finance Initiative (BIOFIN) program. This program helps countries improve their financial management of biodiversity and ecosystems.

“Through the BIOFIN program, a framework has been developed to guide a fee-setting process for biodiversity permits, which enables cost recovery and the attribution of value to natural resources,” they note.

He explained that the basis of this work is that income from sources such as protected area entrance fees, tourism concessions, conference facilities, fees and biodiversity-related permits can play an important role in supporting the financial sustainability of the conservation area.

Synergies

Along the same lines, delegates called for the creation of citizen-accessible biodiversity offset portals, with the aim of improving how offsets are carried out to fund protected area management.

This regional dialogue provides an opportunity for countries that have already revised their biodiversity strategies (NBSAPs) to share good practices, address common challenges and identify potential solutions.

The objective of these strategies is to conserve and manage biodiversity, in order to ensure lasting benefits for the population, through cooperation and partnerships that build on strengths and opportunities.

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(Featured image by David Clode via Unsplash)

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First published in LES ECO.ma. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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