Citizens or community groups / NGOs
Details about how the instrument was designed:
BIOFIN was launched in 2010 at COP11 of the Convention on Biological Diversity, by UNDP and the European Commission, in response to the urgent global need to divert more funding from all possible sources towards global and national biodiversity targets. Now present in 40 countries, BIOFIN is working with governments, civil society, vulnerable communities and the private sector to catalyze investments in nature. In Colombia, BIOFIN's technical committee has worked with the Ministry of Environment and Sustainable Development, the Ministry of Finance, the National Planning Department, the National Administrative Department of Statistics and the National Environmental Licensing Authority. In collaboration with the Colombian government, BIOFIN helped create an action plan for biodiversity protection within the framework of the Financial Management Committee of the National Climate Change System (SISCLIMA). Finally, the BIOFIN team worked on the formulation and implementation of the District Program of Payments for Environmental Services, in conjunction with the District Secretariat of the Environment and the Mayor's Office of Bogotá.
Public sector institution (e.g. school or hospital)
Private: household, real estate developer, business , financial
Details about the implementation:
Currently, Biodiversity Credit Systems are one of the mechanisms being implemented worldwide to compensate for impacts, mainly through habitat banks. BIOFIN Colombia wants to boost these emerging initiatives by increasing general knowledge about them and promote their use for the fulfillment of pending offsets. Therefore, it is worth noting that Colombia is becoming one of the leading countries in the region working on habitat banking. BIOFIN is supporting the Colombian government in the formulation of conservation and restoration projects in protected areas and other strategic areas of environmental importance at the regional level, with the objective of mobilizing resources from 1% of the current income of the territorial entities that must invest in the environment, royalties and the carbon tax.
How did the government support the instrument?:
Although the BIOFIN initiative is not a program designed by the Colombian government, the national and local governments work closely with the BIOFIN team to design and implement financing systems for projects related to Nature-Based Solutions.