A national workshop was held in Comoros on October 1 to validate the Analysis of Policies and Institutions for Biodiversity Financing (Biofin). The workshop aimed to identify necessary resources for biodiversity protection and strengthen financing. It was attended by the Minister of Environment and Tourism, Minister of Finance and Budget, national institutions, private sector representatives, and technical and financial partners. The representative of the United Nations Development Programme (UNDP), Luca Monge Raffarelo, emphasized the importance of biodiversity in Comoros' economy.
According to Raffarelo, nature is a foundation of Comoros' economy, with agriculture, fishing, tourism, water resources, and export sectors directly dependent on ecosystem quality. In 2022, the primary sector accounted for 36.4% of the country's GDP. However, degradation of land is estimated to result in an economic loss of $274 million annually. Raffarelo stressed that protecting biodiversity is crucial to preserving the country's economic base. Comoros has strategic frameworks, including the National Biodiversity Strategy and Action Plan 2026-2030 and the Comoros Emergent Plan.
The main challenge is translating these orientations into sustainable financial and institutional mechanisms. The Biofin program aims to better understand biodiversity expenditures, improve resource utilization, and identify new financing mechanisms. Possible solutions include the Comoros Environmental Fund, blue carbon, ecotourism, and protected area revenues. Raffarelo praised France's financial support of $432,000 for implementing two biodiversity financing solutions. This support is expected to help transition from analysis to operational and sustainable mechanisms.
Finance and Budget Minister Moussa Abdérémane linked the discussion to the Comoros Emergent Plan. He noted that the country faces significant financing needs with limited available resources. Abdérémane emphasized the economic role of biodiversity in agriculture, fishing, tourism, blue economy, and water resources. He presented four orientations to improve biodiversity financing: securing internal resources, diversifying external financing, integrating biodiversity into development financing, and promoting complementarity among available mechanisms.
Abdérémane highlighted the importance of better securing internal resources by improving their predictability, traceability, and effectiveness. He also advocated for diversifying external financing through climate and environmental funds, development partnerships, and private investments. Integrating biodiversity into development financing is crucial, rather than considering it an additional expense. The minister called for a coherent portfolio of solutions to finance biodiversity sustainably.
The workshop aimed to achieve a shared diagnosis, prioritize possible solutions, and identify questions to deepen for the next steps of the Biofin process. The future Biodiversity Financing Plan should contribute to integrating natural capital protection into the country's economic, budgetary, and investment choices. The plan is expected to help Comoros move towards sustainable biodiversity financing and secure its development.
The national workshop marked a significant step towards sustainable biodiversity financing in Comoros. With the support of international partners, including the UNDP and France, the country is working to develop effective mechanisms for protecting its natural capital. The implementation of the Biofin program and the Biodiversity Financing Plan will be crucial in ensuring the long-term conservation of Comoros' biodiversity.
Key points
- Comoros holds national workshop to validate biodiversity financing analysis
- Country aims to integrate biodiversity protection into economic, budgetary, and investment choices
- International partners support Comoros' efforts to develop sustainable biodiversity financing mechanisms
