About the Project
The BIOFIN Initiative in Zambia started in September 2015 with project staff having been engaged in September 2016. To date, the project has finalized the development of the Policy & Institutional Review. The Financial Needs Assessment (FNA) is at 95% completion whilst the Biodiversity Expenditure Review (BER) is at 50% due to challenges in accessing expenditure data from spending agencies. The development of the Biodiversity Finance Plan (BFP) is currently at 50% with intent to have it finalized before 31st December 2018.
Priortised Finance Solutions
Zambia is currently finalizing the drafting of twelve (12) technical proposals which are earmarked to be part of the Biodiversity Finance Plan (BFP). The 12 technical proposals fall under the following key themes (i) Increasing local and international flow of green finance, (ii) strengthening biodiversity conservation institutions, (iii) improving systems for biodiversity conservation institutions, and (iv) contributing to improving biodiversity-related policies and regulations. Under phase 2 (effective January 2019), the following solutions have been earmarked as priority 1 for implementation.
- Solution #1: Development of the National Green Finance Framework
- Solution #2: Development of green finance directives/ guidelines for the financial sector (banking, capital markets, and insurance sectors)
- Solution #3: Making a case for increased Government budgetary allocation and budget releases towards environmental protection.
Subject to availability of financial resources, priority 2 solutions will center on the strengthening of systems notably computerization of the licensing system for the Department of National parks, development of an online M&E system for Zambia's National Biodiversity Strategy and Action Plan (NBSAP-2) as well as establishing of a biodiversity finance unit. The later is earmarked as part of the exit strategy for BIOFIN.
- National Green Financing Policy developed
- Benefits and incentive mechanism developed to enhance biodiversity conservation