The global funding crisis for biodiversity is escalating, with an estimated annual requirement of US$700 billion needed to protect ecosystems, as outlined in the “Little Book on Investing in Nature.” Bridging this financial gap is crucial for fulfilling the objectives of the Kunming-Montreal Global Biodiversity Framework, which urges nations to discover new financial sources, optimize the use of available funds, and eliminate expenses that harm ecosystems.
Experts highlight that addressing this issue demands extensive reforms in both public and private sectors. In Fiji, initiatives responding to this challenge are spearheaded by the second phase of the Biodiversity Finance Initiative (BIOFIN II), which aims to create sustainable and innovative funding strategies for nature conservation.
A cornerstone of this initiative is the Policy and Institutional Review, alongside the Biodiversity Expenditure Review, originally completed in 2017. These reports have effectively mapped Fiji’s policy environment, institutional structures, and biodiversity-related expenditure while pinpointing significant financial shortfalls.
As nearly a decade has passed since the initial assessments, shifting global commitments and changing national conditions necessitate a thorough update of these evaluations. Revising these reports will offer more precise and timely guidance to bolster Fiji’s biodiversity objectives, ensuring that national efforts are in alignment with evolving international standards.
This proactive approach not only aims to address immediate funding needs but also fosters a long-term commitment to preserving the rich biodiversity of Fiji, ultimately contributing to global ecological health and sustainability.
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