BIOFIN activities in Bhutan
BIOFIN commenced activities in Bhutan in 2015. In general, activities are as following:
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. Based on this, the national finance gap for biodiversity will be calculated.
To start soon.
4. Biodiversity Finance Plan
Under this component BIOFIN will develop a strategy to mobilize potential finance actors and mechanisms to reach national biodiversity targets.
To start in 2016
5. Implementing The Biodiversity Finance Plan
The scope of activities shall be defined by the recommendations of the Resource Mobilisation Strategy.
To start in 2017
Information about the country and partnerships
“The Government shall ensure that, in order to conserve the country’s natural resources and to prevent degradation of the ecosystem, a minimum of sixty percent of Bhutan’s total land shall be maintained under forest cover for all time.” Article 5:3, The Constitution of the Kingdom of Bhutan.
Bhutan is a small, landlocked country with an area of 38,394 km2 situated on the southern slope of the Eastern Himalayas. Straddling the two major Indo-Malayan and Palearctic biogeographic realms, Bhutan is part of the Eastern Himalayan biodiversity hotspot and contains 23 Important Bird Areas, 8 ecoregions, a number of Important Plant Areas and wetlands. Bhutan ranks in the top ten percent of countries with the highest species density on earth, and it has the highest fraction of land in protected areas as well as the highest proportion of forest cover of any Asian nation. Thus, it is one of a very few countries that have an opportunity to maintain their biodiversity largely intact.
Development in Bhutan is guided by principles that emphasise preservation of both natural and cultural heritage, as well as sustainability from subsistence to a more modern economy.
"Throughout the centuries, the Bhutanese have treasured their natural environment and have looked upon it as the source of all life. This traditional reverence for nature has delivered us into the twentieth century with our environment still richly intact. We wish to continue living in harmony with nature and to pass on this rich heritage to our future generations." His Majesty the King Jigme Singye Wangchuck
Biodiversity Finance example in Bhutan:
The Bhutan Trust Fund for environmental conservation is the world’s first environmental trust fund, established in 1992 as a collaborative venture between the Royal Government of Bhutan, United Nations Development Program, and World Wildlife Fund. An endowment of US$20 million was set up as an innovative mechanism to finance conservation programs over the long term in Bhutan. Donors to the trust fund include the World Wildlife Fund and the Global Environment Facility, the governments of Bhutan, Denmark, Finland, the Netherlands, Norway and Switzerland.
For more information: The Bhutan Trust Fund for environmental conservation
Links to national counterparts: