BIOFIN activities in Colombia
The BIOFIN process in Colombia is centered around a number of assessments following the BIOFIN workbook:
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.
4. Biodiversity Finance Plan
Under this component, BIOFIN will develop a strategy to mobilize potential finance actors, mechanisms and revenue to reach national biodiversity targets.
Status: to start in 2016
5. Implementing the Biodiversity Finance Plan
BIOFIN will implement activities and finance mechanisms to raise revenues for biodiversity and ecosystem services conservation.
Status: to start in 2016
Information about the country and partnerships
Colombia was designated by Conservation International as one of the world's 17 mega-diverse countries with extreme biodiversity. Around 15% of all known terrestrial species live here. It has the highest number of bird species (> 1,800) and the second highest number of amphibian species in the world (> 600). Colombia's government has established a protected area system covering more than 20% of its land and 16% of its territorial waters.
Biodiversity Finance example in Colombia: Water funds in Colombia have proven to be a key tool for financing biodiversity and ecosystem services conservation that are of great importance for the national development of the country. Under this mechanism, water users voluntarily donate money for a trust fund and decide with other key stakeholders how to spend the funds collected and how to manage the activities in the watershed.
The Water Fund for Life and Sustainability (Fondo de Agua por la Vida y la Sostenibilidad – FAV) is one these funds and was created aiming to secure biodiversity and water-related service benefits. Currently, the capital fund is worth USD1.8 million and has successfully carried out conservation activities covering nearly 125,000 hectares of natural ecosystems. The programme aims to benefit 920,000 people downstream from five cities in Colombia as well as the sugar cane production that relies on constant supply of clean water and is one of the most important sectors of Colombian economy. For more information visit: http://www.fondosdeagua.org/es/agua-por-la-vida-y-la-sostenibilidad-vall...