where over 100 economists and scientists found that investing in the protection of 30% of Earth’s habitats gives a better than 500% return in cumulative benefits.
Globally, this can lead to USD250 billion in increased yearly economic output, plus USD350 billion in improved ecosystem services annually.
For the Philippines, ecosystem services are valued at about PHP2.3 trillion, ranging from timber and fuelwood production to water provision, ecotourism, carbon sequestration, flood prevention and seafood production.
The Philippine Biodiversity Strategy and Action Plan (PBSAP) aims to leverage and manage various economic incentives, policies and existing capital to sustainably conserve endangered wildlife and their habitats up to 2028. PBSAP requires at least PHP24 billion yearly to cover the costs of park management, personnel, equipment, research, operations, plus other overheads.
However, a baseline study conducted by the Department of Environmental and Natural Resources Biodiversity Management Bureau (DENR-BMB) and BIOFIN found that from 2008 to 2013, just PHP5 billion was allotted for biodiversity initiatives, a mere 0.31% of the national budget. This means Philippine biodiversity projects are only 20% funded, with creative solutions needed to bridge the 80% financing gap.
“Despite the immense economic contribution of fisheries, agriculture and ecotourism to the country’s GDP, less than 1% of the country’s national budget has traditionally been allotted for the protection and conservation of natural systems like forests and coral reefs,” notes BIOFIN Philippines Country Manager Anabelle Plantilla.
Financing Biodiversity Conservation in 41 Countries
Launched a decade ago, BIOFIN is a global initiative to help countries develop fundraising solutions to sustainably manage their respective ecosystems at the national level. Since 2012, BIOFIN has developed a 41-nation network covering biodiversity-rich regions across Africa, Europe, South and Central America, plus the Asia Pacific Region.
In Costa Rica, BIOFIN, the National Bank of Costa Rica and the National System of Conservation Areas are working together to enhance protected area entry fees to someday buy privately-owned land inside Costa Rica’s protected areas system. A crowdfunding initiative spearheaded by Costa Rican Vice-president Rica Epsy Campbell Barr successfully raised USD1.7 million.
In Zambia, BIOFIN is working with numerous partners to develop green bonds for investors to directly fund African biodiversity conservation, with a goal of raising USD 400 million in green bond issuances by 2030.
In Bhutan, BIOFIN is working with allies to explore insurance-related finance solutions to financially offset groups affected by human wildlife conflict – a must in a region which harbors endangered tigers and snow leopards.
BIOFIN has been implementing biodiversity finance solutions in the Philippines since 2014. Its largest initiatives include fundraising PHP580 million for 107
Legislated Protected Areas by pushing for increased congressional financing, fundraising PHP17 million for terrestrial reforestation through the Mynt and GCash
GForest Programme, fundraising PHP1.6 million for
Together for Tamaraws to help communities in Mindoro Occidental affected by the COVID-19 pandemic, plus the
Year of the Protected Areas, an ongoing campaign to convince Pinoys to responsibly visit the country’s 247 protected areas.
Among many initiatives, BIOFIN is currently working on a results-based budgeting manual, plus support to post-2020 global biodiversity framework financing targets.
Concludes DENR Biodiversity Management Bureau Director Natividad Bernardino, “Biodiversity investments generate excellent economic and holistic returns. As the planet slowly recovers from the global COVID-19 pandemic, we should re-invest in the protection of the natural systems that give us food, water, clean air and medicine. What we need is simple – to make our planet livable again.” (ENDS)
About the Biodiversity Finance Initiative (BIOFIN)
BIOFIN was launched in 2012 and seeks to address the biodiversity finance challenge in a comprehensive manner – building a sound business case for increased investments in the management of ecosystems and biodiversity, with a particular focus on the needs and transformational opportunities at the national level. For more information:
http://www.biodiversityfinance.net About the United Nations Development Programme (UNDP)
UNDP partners with people at all levels of society to help build nations that can withstand crises, and drive and sustain the kind of growth that improves the quality of life for all people. On the ground in 177 countries and territories, we offer a global perspective and local insights to help empower lives and build resilient nations.
In the Philippines, UNDP fosters human development for peace and prosperity. Working with central and local governments as well as civil society, and building on global best practices, UNDP strengthens the capacities of women, men and institutions to empower them to achieve the Sustainable Development Goals (SDG) and the objectives of the Philippine Development Plan. Through advocacy and development projects, with a special focus on vulnerable groups, UNDP works to ensure a better life for Filipino people. BIOFIN is a UNDP programme. For more information:
https://www.ph.undp.org Captioned Images:
Results-based budgeting. “Every USD1 billion investment reduces the total number of threatened plant and animal species by .57%,” explains BIOFIN Global Manager Onno van den Heuvel at the launch of the 8th BIOFIN Regional Dialogue, held at the Conrad Hotel in Manila, the Philippines. (UNDP-BIOFIN)Conserving wildlife. Thousands of lesser flamingos (Phoeniconaias minor) aggregate at an alkaline lake in East Africa. BIOFIN’s fundraising solutions range from sustainable ecotourism to lobbying for increased budgets for national parks. In the past decade, BIOFIN has developed a global network spanning 41 countries, with 26 more slated to join in 2023. (Gregg Yan)
Protecting vital habitats. Together with public and private sector allies, BIOFIN helps protect land and seascapes which harbor endangered and iconic wildlife. Shown is a wild tamaraw (Bubalus mindorensis) bull at the Iglit-Baco Mountain Range in Mindoro Occidental. (Gregg Yan)
Planting native trees. Participants also planted native tree species such as tulibas (Micromelum spp.) and banaba (Lagerstroemia speciosa) at the University of the Philippines Los Baños campus in Laguna. (Gregg Yan)
Developing environmental fundraising solutions. BIOFIN Regional Dialogue delegates from Europe and Asia gather at the grounds of the Conrad Hotel in Metro Manila, the Philippines. (Gelo Rockit Chua / UNDP-BIOFIN)