As global efforts intensify to close the estimated $700 billion biodiversity financing gap, Liberia has achieved a significant milestone in its path toward sustainable biodiversity funding.

The country has successfully validated its Policy and Institutional Review (PIR)—a key step in developing its upcoming National Biodiversity Finance Plan (BFP).

This validated PIR functions as a strategic policy document that will guide biodiversity financing in Liberia over the medium to long term.

Supported by funding from the Global Environment Facility (GEF), the United Nations Development Programme (UNDP) Liberia is helping the Government of Liberia implement the Biodiversity Finance Initiative (BIOFIN) Project.

Valued at $314 thousand over three years (2025–2027), the project aims to incorporate biodiversity finance planning into Liberia’s Medium-Term Expenditure Framework (MTEF).

A key milestone in this process was the validation of the PIR during a one-day workshop held in Kakata, Margibi County, under the theme “Policy and Institutional Review (PIR) Validation and Introduction of Biodiversity Expenditures Review Methodology.”

The workshop on August 28 brought together stakeholders from biodiversity-related institutions, including the Ministries of Finance and Development Planning, Mines and Energy, Agriculture, the Environmental Protection Agency (EPA), Forestry Development Authority (FDA), ArcelorMittal Liberia, academic institutions, and civil society organizations.

Emmanuel Massaquoi, Project Manager for Sustainable Finance at UNDP Liberia, emphasized the significance of stakeholder engagement. 

“I understand you have conflicting schedules, but you left because this is also a national issue. We have been fighting to protect our biodiversity and lack funds. We are creating a document to help us secure funding from different sources, so you all are very important in this effort we are making today.

The 117-page PIR report, developed with support from GEF through UNDP, offers a baseline analysis of Liberia’s biodiversity finance landscape. 

It reviews biodiversity-related policies, institutions, and stakeholders, and prepares the groundwork for the upcoming phases of the BFP, which include the Biodiversity Expenditure Review (BER) and the Financial Needs Assessment (FNA).

These assessments will review past and current biodiversity-related expenditures and estimate the financial resources needed to reach Liberia’s biodiversity objectives.

Ultimately, the BFP will suggest financing solutions to bridge Liberia’s biodiversity finance gap by maximizing current investments and finding new funding sources—public, private, and international.

Austine Togba, Research Analyst at the Ministry of Finance, speaking on behalf of Foday Bayoh, Coordinator of the Climate Integration and Financing Office, described the PIR as a strategic tool to unlock biodiversity funding.

The Ministry of Finance recognizes that our national prosperity depends on the health of our ecosystem. Biodiversity is not just an environmental concern; it is the fundamental pillar of our agriculture, fishery, tourism, and overall resilience.

Togba also emphasized the significance of innovative financing mechanisms like blue and green bonds, natural capital accounting, and public-private partnerships to bolster conservation efforts.

Our commitment is to utilize the PIR to guide the next essential stage of the BIOFIN process. We will collaborate closely with the EPA, FDA, and all relevant ministries and agencies to guarantee that the biodiversity finance plan is practical, cost-effective, and thoroughly integrated into national development and budgetary frameworks.

The PIR also supports Liberia’s broader effort to update its National Biodiversity Strategy and Action Plan (NBSAP), as required by the United Nations Convention on Biological Diversity (CBD).

Jerry Yonmah, the Technical Manager of the Conservation Department at the FDA, expressed optimism about the PIR’s potential.

This document serves as a tool to strengthen our efforts in protecting Liberia’s forests, endangered species, and ecosystems.

Liberia’s current NBSAP, adopted in 2017, expires in 2025. The updated version will align with the Global Biodiversity Framework (GBF) and incorporate findings from the BFP to address identified financing gaps.

The key objectives of the PIR include assessing national biodiversity and sustainable development strategies, analyzing economic linkages and existing finance mechanisms, evaluating institutional arrangements and incentives for biodiversity management, reviewing trends and drivers of biodiversity loss, and aligning biodiversity efforts with global (SDGs), regional (Africa 2063), and sub-regional (ECOWAP) goals.

Cllr. Urias Goll, the lead consultant, presented the PIR and outlined its objectives. After the presentation, participants participated in technical working group sessions, offering inputs and recommendations that were integrated into the final document, signifying its official approval.

In closing, representatives from various institutions thanked UNDP Liberia for its leadership and pledged ongoing support to turn the validated PIR into actionable steps for mobilizing financial resources to protect Liberia’s biodiversity.

Liberia joined the BIOFIN Initiative in 2024, becoming one of 91 new countries participating in the global UNDP-led program. Since its launch in 2012, BIOFIN has helped 42 countries raise over $1.6 billion through innovative financial mechanisms to support biodiversity conservation.

With the PIR now validated, Liberia is well-positioned to progress its biodiversity finance planning and secure long-term sustainability for its valuable natural heritage.