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.
Speaking during the launch virtually, Principal Secretary (PS) 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.
The event was attended by key stakeholders, including Jean-Luc Stalon (UNDP Resident Representative), Dr. Samuel Tirionko (Kenya Bankers Association), Jackson Kiplagat (CEO WWF-Kenya), alongside representatives from the National Treasury, Vision 2030, government, the private sector, development partners, and civil society.
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.
However, 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.
The BIOFIN process, implemented with support from the United Nations Development Programme, has already involved extensive technical assessments, policy reviews, and stakeholder engagement.
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.
Dr Ng’eno 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 the 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.
The launch formally establishes the BIOFIN Kenya Chapter and signals a renewed commitment to mobilizing and optimizing financial resources for biodiversity conservation and sustainable development.
With growing environmental pressures and limited funding, the BIOFIN initiative is expected to play a catalytic role in reshaping how Kenya finances biodiversity and supports long-term economic sustainability.
by Joseph Ng’ang’a
