HYDERABAD: The Telangana State Biodiversity Board, in association with the United Nations Development Programme (UNDP), launched the Biodiversity Finance Initiative Project (BIOFIN). This is a unique effort post the adoption of the Kunming-Montreal Global Biodiversity Framework (KM-GBF). Telangana would be the first State in the country to prepare such a State-level biodiversity action plan, incorporating a resource mobilisation strategy.
BIOFIN was initiated ten years ago at the Convention on Biological Diversity (CBD) COP-11, held in Hyderabad. The UNDP and the European Commission recognised the need to divert more finance from all possible sources towards implementation of global and national biodiversity goals, and related targets and commitments.
Telangana is known for its rich heritage of agro-biodiversity and the Telangana State Biodiversity Board (TSBB) has made concerted efforts towards furthering the agenda of biodiversity conservation in the State. The TSBB is a perfect partner to leverage outreach in the public and private sectors to implement BIOFIN finance solutions on ‘mainstreaming biodiversity in public finance (agriculture sector), access and benefit sharing, and corporate social responsibility’ with a view to prepare a resource mobilisation strategy to implement the action plan.
The project launch and implementation activities will now begin with the signing of Letter of Agreement by the UNDP and the TSBB in the presence of Dr Rajat Kumar, Chairman TSBB, and Special Chief Secretary Dr Ruchi Pant, UNDP Climate Adaptation head. The Centre for Innovations in Public Systems of ASCI is acting as a knowledge partner in the preparation of the Telangana State Biodiversity Strategy and Action Plan.