Biodiversity Finance Initiative (BIOFIN) in Libya

Introduction

Libya's biodiversity is a strategic national asset that supports economic development, food security, water resources, climate resilience, and the well-being of present and future generations. From its Mediterranean coastline and marine ecosystems to its desert landscapes and unique natural habitats, Libya's natural capital provides invaluable ecological and socio-economic benefits.

Recognizing the growing need to secure sustainable financing for biodiversity conservation and management, the Government of Libya, in partnership with the United Nations Development Programme (UNDP), launched the Biodiversity Finance Initiative (BIOFIN) in 2025.

BIOFIN is a global initiative supporting more than 130 countries in identifying, mobilizing, and aligning financial resources for biodiversity and sustainable development. Through a structured and evidence-based methodology, BIOFIN helps governments understand biodiversity finance needs, assess existing expenditures, and develop practical finance solutions that can be integrated into national planning and budgeting processes.

In Libya, BIOFIN supports the implementation of the National Biodiversity Strategy and Action Plan (NBSAP 2023–2030), contributes to the achievement of the Global Biodiversity Framework, and promotes stronger integration of biodiversity considerations into economic and development decision-making.

Objectives

The BIOFIN initiative aims to:

· Assess Libya's biodiversity policy, institutional, and financing landscape.

· Analyze existing biodiversity-related expenditures across public and private sectors.

· Estimate the financial resources required to achieve national biodiversity targets and commitments.

· Develop a Biodiversity Finance Plan that identifies innovative and sustainable financing solutions.

· Strengthen collaboration among government institutions, financial actors, academia, civil society, and the private sector.

· Mobilize investments that support biodiversity conservation, climate resilience, and sustainable development.

Achievements

Since its launch, BIOFIN Libya has made significant progress in establishing the foundations for biodiversity finance in the country:

Completed the Policy and Institutional Review (PIR), providing Libya's first comprehensive assessment of the biodiversity policy, governance, and financing landscape and identifying key opportunities for strengthening biodiversity finance.
Established strong partnerships and engagement with key national institutions, including the Ministry of Environment, Ministry of Finance, Central Bank of Libya, Ministry of Marine Wealth, Ministry of Planning, and other sectoral stakeholders.
Raised national awareness of biodiversity finance as a strategic tool for sustainable development, climate resilience, and economic diversification.
Advanced preparations for the Biodiversity Expenditure Review (BER) and Financial Needs Assessment (FNA), which will quantify biodiversity investments and financing gaps across the country.
Enhanced Libya's participation in regional and global biodiversity finance networks, facilitating knowledge exchange and access to international expertise.
Positioned biodiversity finance as an emerging national priority and a key enabler for achieving environmental, economic, and development objectives.

Through BIOFIN, Libya is laying the groundwork for a long-term, nationally owned biodiversity finance framework capable of mobilizing resources, strengthening institutions, and supporting the sustainable management of the country's natural capital.