This section outlines the six steps required to complete the BFP (see Figure 6.1). After the preparatory step, in Steps 2 and 3, a comprehensive review of the existing finance instruments and the BIOFIN assessments should be completed to establish a BFP vision, the order of magnitude of the financing needs, and a comprehensive list of existing finance instruments and potential solutions. In Step 4, finance solutions are prioritized. Step 5 is developing technical proposals for priority finance solutions while Step 6 is the drafting of the BFP.
Figure 6.1: Biodiversity Finance Plan Process
The steps are: