Kenya launches BIOFIN to unlock $150 billion for nature conservation

The government of Kenya, in partnership with the United Nations Development Programme, has launched the Biodiversity Finance Initiative or BIOFIN, aimed at mobilizing between $100 billion and $150 billion in nature-related financing over the next decade.

The initiative seeks to bridge the growing financing gap for conservation by positioning biodiversity as a central pillar of Kenya's long-term economic development strategy.

It also establishes a dedicated national platform for multi-stakeholder collaboration, bringing together the National Treasury, commercial banks, the Nairobi Securities Exchange, conservation organizations, and development partners to scale-up biodiversity investments.

Speaking at the launch, Festus Ng'eno, principal secretary at the State Department for Environment and Climate Change, described the initiative as a practical, evidence-based pathway to bridge the biodiversity finance gap. He noted that it will strengthen policy coherence, improve resource allocation, and mobilize new and innovative sources of financing for conservation efforts.

He said that while Kenya's rich natural capital underpins its economy and supports millions of livelihoods, it is increasingly under threat from climate change, land degradation, pollution, and unsustainable resource use.

"This is why we must treat biodiversity conservation not just as an environmental issue, but as a key economic and development priority," he said. "Financing biodiversity should not be viewed as a cost, but as a strategic investment in economic resilience, climate adaptation and sustainable development. Let us move beyond dialogue and focus on implementation," he said.

Chris Kiptoo, principal secretary of Kenya's National Treasury, said the ministry is committed to building a biodiversity finance architecture that protects ecosystems while uplifting women, youth, indigenous peoples and local communities

"Relying solely on public finances is inadequate to close the biodiversity finance gap," he said. "We must mobilize private capital, embrace financial innovation, and forge partnerships that transcend borders and sectors."

Kiptoo emphasized that biodiversity protection should not be seen as a competing claim on scarce public resources. "It is an investment in economic resilience, fiscal sustainability, and intergenerational equity, fully consistent with the objectives of Medium-Term Plans IV and Kenya's ongoing public finance reforms," he said.

He added that the initiative complements ongoing government programs, including the Financing Locally Led Climate Action Program, which is strengthening climate and nature investments at the county and community levels.

"Through the program, Kenya is already demonstrating how well targeted public finance can empower local actors, build resilience, and deliver measurable outcomes on the ground," he said. "BIOFIN builds on this foundation by providing a national framework to scale, coordinate, and sustain such investments over the long term."

Jean-Luc Stalon, UNDP resident representative in Kenya, said that through BIOFIN, more than 41 countries have mobilized over $2.7 billion for biodiversity, demonstrating that financing nature is not a luxury but a smart development policy in a resource constrained world.

"Today's launch signals Kenya's intention to be part of that leadership," he said. "Success, however, will depend on what follows: strong institutional alignment, openness to innovative financing models, and sustained public private collaboration."

"BIOFIN is not another conservation project. It is a practical financial approach that helps countries move from commitments to implementation," he said.

BIOFIN Kenya, managed by UNDP Kenya under Christine Mwangi, program manager, will support policy reform, develop investable project pipelines, and improve biodiversity budget tracking at both national and county levels.

The initiative will pilot instruments including green bonds, blended finance, and ecosystem-based revenue mechanisms, building on existing government efforts such as the Financing Locally-Led Climate Action Programme.

edithmutethya@chinadaily.com.cn