Rwanda needs $500 million to finance the implementation of various biodiversity conservation solutions, according to Valentine Uwamariya, the Minister of Environment. Uwamariya said this on Wednesday, June as more than 150 biodiversity experts and senior government officials from 55 African countries and Arab States met in Kigali for the three-day Biodiversity Finance Initiative Africa and Arab States Regional Dialogue. ALSO READ: Biodiversity finance experts in Kigali to discuss $700bn annual finance gap Africa and the Arab States are home to some of the world’s most important ecosystems. But despite their natural wealth, these regions face serious financing gaps. The global shortfall in biodiversity funding is estimated at over $700 billion per year. Over one million species are at risk of extinction, according to biodiversity finance experts. ALSO READ: African countries challenged to invest in biodiversity conservation The conference is organised around the Biodiversity Finance Initiative (BIOFIN), a global partnership led by United Nations Development Programme (UNDP), seeking to support countries in developing and implementing solutions to biodiversity issues. “This BIOFIN Dialogue comes at a critical moment as countries work to update and implement the Kunming-Montreal Global Biodiversity Framework. In Rwanda, the Biodiversity Finance Initiative has been instrumental in identifying solutions and unlocking resources,” the minister stated. The Kunming-Montreal Global Biodiversity Framework is a landmark international agreement adopted in December 2022 at the United Nations Biodiversity Conference (COP15) in Montreal, Canada, under the Convention on Biological Diversity. It replaced the Aichi Biodiversity Targets (2011–2020) and set the global biodiversity agenda through 2030, with a longer-term vision for 2050. Rwanda has revised its National Biodiversity Strategy and Action Plan to align with the Kunming-Montreal Global Biodiversity Framework and address national priorities for biodiversity conservation. ALSO READ: Rwanda to double budget on biodiversity restoration The updated strategy and plan aim to stop biodiversity loss and increase economic benefits from biodiversity utilisation and ecosystem services. It includes five objectives and 19 national targets, with a long-term vision of restoring and conserving national biodiversity by 2040. “We are working to mobilise $500 million in line with Target 19 of our updated National Biodiversity Strategy and Action Plan, which seeks to mobilise financial resources from all sources: public, private, national, and international, Uwamariya said. The implementation of biodiversity finance solutions must now accelerate, and we must bring in more actors, especially the private sector and investors.” She said as countries look to the future of biodiversity financing, there is a need for robust discussions on the reforms and initiatives that change the rules of the game. “Some examples include removing harmful subsidies, including natural capital in national accounting, making biodiversity a core part of budget planning, and shifting procurement policies to favour nature-positive goods,” the minister said. ALSO READ: Experts push for inclusive financing mechanism for conservation Biodiversity supports key economic sectors like agriculture, forestry, fisheries, and tourism, generating significant income and employment. Rwanda has made the restoration of biodiversity a national priority. “We are proud to have celebrated 30 years of our restoration journey marked by the rehabilitation of key biodiversity areas, some of which have been recognised as UNESCO Biosphere Reserves. These efforts are not only restoring nature, but are also building resilience and offering new opportunities for sustainable development,” she noted. However, the official said, none of this can be achieved without adequate and sustained financing. “The relevance of biodiversity finance in conservation efforts is paramount. Whether through public budgets, private sector investments, or innovative financing mechanisms, we must scale up and diversify our funding sources.” ALSO READ: Rwanda eyes biodiversity park on Kivu islands Following the successful restoration and transformation of Nyandungu Wetland into an Eco-Park, Rwanda has continued its ambitious commitment to urban ecological restoration by embarking on the rehabilitation of five additional wetlands in the City of Kigali. Countries’ innovations in mobilising biodiversity finance Uwamariya said Rwanda is pioneering digital innovation in biodiversity finance through platforms like IremboPay, through which environmental fines are collected and reinvested into conservation efforts. This model ensures transparency and accountability, aligning with global biodiversity goals and reducing reliance on foreign aid. The system has already facilitated the collection of over $122,000, which is being reinvested into conservation initiatives through the Rwanda Green Fund. Other countries include Botswana, which reformed protected area fees based on BIOFIN recommendations, raising more than $7 million in additional revenue to invest back into conservation. Zambia issued its first green bond in 2023, valued at $200 million. Out of this total, $150 million has already been raised and directed toward renewable energy and biodiversity-related investments. South Africa has developed 16 biodiversity finance solutions, including efforts to reform harmful subsidies, scale ecosystem restoration, and create jobs in the biodiversity economy. ALSO READ: Why Nyandungu Eco-Tourism Park is set to be expanded In Egypt, BIOFIN supported a new model for generating revenue through tourism and enterprise linked to protected areas, creating a more sustainable path for conservation funding. The 11th Regional Dialogue on Biodiversity Finance marks a decisive shift from mapping funding gaps to rolling out finance solutions such as green bonds, nature-based insurance, and biodiversity credits—all tailored to national priorities. “This Regional Dialogue marks a pivotal moment for Africa and the Arab States, said Onno van den Heuvel, Head of Nature Finance, at UNDP. They represent the fastest-growing regions in the BIOFIN family, with 44 countries newly joining the initiative, accounting for nearly half of all recent global additions. This expansion has been made possible through the continued support of the Global Environment Facility.” “By combining innovative instruments like green bonds, nature-based insurance, and biodiversity credits with strong government and private sector partnerships, we’re demonstrating that finance can be a powerful driver for conserving ecosystems and lifting communities,” said Carlos Manuel Rodríguez, CEO and Chairperson of the Global Environment Facility (GEF). Through UNDP-BIOFIN’s global partnership with the GEF, more than 90 new countries are advancing their national Biodiversity Finance Plans. Fatmata Lovetta Sesay, UNDP Resident Representative in Rwanda, said: “Nature underpins food security, water, health, and climate resilience. Without it, our economic future rests on unstable ground. Our budgets must begin to reflect biodiversity’s true value. Sesay commended Rwanda for being an example of what’s possible when leadership meets innovation. By digitising enforcement and reinvesting in ecosystems, Rwanda is not only protecting nature; it is powering inclusive, sustainable development,” she said. UNDP’s BIOFIN has deployed a finance-for-finance approach in 41 countries to catalyse over $1.6 billion for nature since 2018. A global shift to nature-positive economies could generate as much as $10 trillion in new business opportunities, according to UNDP’s Nature Pledge, a
