By Obiabin Onukwugha
The government of Kenya has officially launched the Biodiversity Finance Initiative (BIOFIN), marking a significant step toward mobilizing sustainable financing for conservation and strengthening the country’s transition to a nature-positive economy.
The initiative is expected to play a catalytic role in reshaping how Kenya finances biodiversity and supports long-term economic sustainability.
Speaking during the launch in Tuesday, Principal Secretary for Environment and Climate Change, Dr. Festus Ng’eno, said “the initiative provides a structured and evidence-based approach to addressing the persistent financing gap that has hindered biodiversity conservation efforts.”
Dr. Ng’eno noted that Kenya’s rich biodiversity underpins critical sectors of the economy, including agriculture, tourism, fisheries, forestry, and water resources, supporting millions of livelihoods.
He warned that these natural assets continue to face mounting pressure from climate change, land degradation, pollution, and unsustainable resource use. “Biodiversity conservation is not merely an environmental concern, but a critical economic and development priority,” he said.
According to Dr. Ng’eno, the initiative will help Kenya assess current biodiversity expenditures, identify financing needs, and develop a practical finance plan to guide investments.
He emphasized that the initiative will strengthen biodiversity finance tracking and accountability, improve policy coherence, and integrate biodiversity considerations into national planning and budgeting processes.
The programme also aligns with Kenya’s commitments under the Convention on Biological Diversity and the Kunming-Montreal Global Biodiversity Framework, particularly targets focused on integrating biodiversity into policy, aligning financial flows, and mobilizing resources.
Dr. Ng’eno highlighted the potential of innovative financing mechanisms such as green and blue bonds, blended finance, and biodiversity credits to unlock new funding streams and increase private sector participation. “Financing biodiversity should not be viewed as a cost, but as a strategic investment in economic resilience, climate adaptation, and sustainable development,” he said.
He underscored the importance of collaboration with the National Treasury, noting that biodiversity finance is fundamentally a public finance and economic planning issue that must be embedded within national development frameworks.
The Principal Secretary called for a coordinated, whole-of-government and whole-of-society approach, urging stakeholders to move from planning to implementation and scale up investments that deliver tangible benefits for ecosystems and communities.