The Ministry of Environment and Natural Resources of the Dominican Republic and the United Nations Development Programme (UNDP) have launched the Biodiversity Finance Initiative (BIOFIN) to bridge the financial gap in biodiversity protection in the DR.

BIOFIN's primary goal is to close the financial gap necessary to implement the National Biodiversity Strategy and Action Plan (NBSAP). To achieve this, the initiative proposes innovative and sustainable financing mechanisms that align national priorities with the commitments of the new Kunming-Montreal Global Biodiversity Framework.

 The initiative is supported by a network of international donors, including the European Union and the governments of Germany, Norway, Flanders, France, Switzerland, Belgium, the United Kingdom, and Canada. It is also backed by strategic alliances with global actors such as the Convention on Biological Diversity (CBD), the Biodiversity and Ecosystem Services Network (BES-Net), the Organisation for Economic Co-operation and Development (OECD), the Global Environment Facility (GEF), The Economics of Ecosystems and Biodiversity (TEEB) initiative, the ValuES project supporting ecosystem services, and other United Nations partners.

The project launch event began with welcoming remarks from Iván Cruz, Director of Financial Mechanisms at the Vice Ministry of Climate Change and Sustainability. Cruz provided a global framework for the project, explaining that "the objective of BIOFIN is to contribute to the global goal of the Global Biodiversity Framework, which seeks the design and implementation of innovative financial solutions to mobilize resources for the conservation and sustainable use of biodiversity."

Speaking on behalf of the Vice Minister of Climate Change and Sustainability, Ana Emilia Pimentel, Cruz stated that "in the Dominican Republic, the BIOFIN project represents a key tool to advance the national vision of biodiversity financing. Our conservation goals must align with public and private investments." He further added, "This project invites us to identify how we finance conservation and how we can align our fiscal, budgetary, and investment policies with the commitments made at the international level."

Ana María Díaz, the UNDP Resident Representative, highlighted the global significance of the BIOFIN project. "This global initiative of the UNDP, present in more than 130 countries, seeks to identify how public and private resources are being used in biodiversity and how we can mobilize more and better investments to protect our natural capital. This involves identifying new sources of innovative financing and designing financial instruments tailored to key sectors where sustainability can be a competitive advantage," she noted.

During her speech, Marine Biodiversity Director Marina Hernández emphasized the crucial role that BIOFIN will play in the effective implementation of the National Biodiversity Strategy and Action Plan (NBSAP), noting that BIOFIN will be the catalyst that translates the goals of the NBSAP into concrete and sustainable actions over time.

In the country, BIOFIN will be implemented during the 2025-2027 period, alongside the update of the NBSAP. As part of this process, the first National Biodiversity Financing Plan (BFP) will be designed, aimed at establishing a sustainable and strategic framework for mobilizing resources for the conservation and sustainable use of biodiversity in the country. It will also closely align with national priorities through joint work with the Ministry of Economy, Planning and Development, the Ministry of Finance, among others.

This project is strategically aligned with other key UNDP initiatives that seek a sustainable transformation of the country. These include the Natural Capital initiative, focused on valuing ecosystems as the foundation for a green economy; the Climate Promise, which supports the fulfillment of the climate commitments made by the Dominican Republic; the Insurance Risk Finance Facility initiative, which aims to establish financial mechanisms, including insurance, for resilience against risks; and EcoHarmony, which introduces innovative models such as Other Effective Conservation Measures (OECM), strengthening community participation and environmental governance.

The launch event was attended by the Director of Biodiversity of the Ministry of Environment, Mariana Hernández; the Environmental Sustainability and Resilience Officer of UNDP, Pierre Candelón; experts and technical authorities of the entity; as well as representatives from civil society and the private sector.

With the launch of this project, the country joins more than 130 nations that are part of the global BIOFIN platform, enhancing its capacity to mobilize resources to conserve its natural wealth, reduce biodiversity loss, and advance towards a more sustainable economy.