The United Nations Development Programme (UNDP) has introduced a comprehensive guide aimed at helping countries reduce financial impacts that harm biodiversity. Known as the BIOFIN Workbook 2024, this guide assists UNDP’s 130 member countries in developing sustainable finance strategies to protect natural ecosystems while addressing a massive $700 billion annual biodiversity funding gap.

The report identifies over $1 trillion in global subsidies that potentially harm biodiversity, urging governments to redirect these funds toward nature-positive initiatives. The BIOFIN guide emphasizes three main actions: identifying harmful subsidies, modifying them to minimize environmental damage, and creating National Action Plans aligned with Sustainable Development Goals (SDGs).

Marcos Neto, UNDP Assistant Secretary General, stated:

“By investing in nature and transforming our economic systems, we can create jobs, enhance livelihoods, and build resilience while safeguarding the biodiversity that supports all life.”

Neto highlighted the intertwined challenges of biodiversity loss, climate instability, and land degradation, advocating for policies that align economic growth with environmental protection.

Since its inception, the BIOFIN initiative has raised over $1 billion for nature-related projects in 41 countries and is currently aiding 23 nations in phasing out harmful subsidies. The UNDP report also points to troubling statistics from the World Wildlife Fund (WWF), which indicates an 85% decline in freshwater species since 1970, emphasizing the urgent need for biodiversity protection.

The guide encourages businesses to monitor and disclose their environmental impacts, strengthening transparency and accountability in biodiversity finance.