Kenya targets up to Sh150bn in biodiversity financing under new BIOFIN programme
NAIROBI, Kenya, Apr 21 – Kenya is seeking to mobilise between Sh100 billion and Sh150 billion in nature-based financing over the next decade through the newly launched Biodiversity Finance Initiative (BIOFIN), as the country steps up efforts to address its growing biodiversity funding gap.
The programme brings together the Government of Kenya, private sector actors, civil society organisations, development partners, academia, and the media, and is convened by the United Nations Development Programme (UNDP) and the Government of Kenya.
Kenya’s economy remains heavily dependent on natural resources, with nature-based sectors contributing about 48 percent of GDP. The country also relies significantly on renewable energy, with more than 91 percent of electricity generated from geothermal, wind, solar, and hydro sources.
However, biodiversity is increasingly under pressure from unsustainable land use, climate change, and financing shortfalls, resulting in losses across forests, wetlands, savannahs, and marine ecosystems.
To respond to these challenges, Kenya updated its National Biodiversity Strategy and Action Plan (NBSAP) 2023–2030, aligning it with the Kunming-Montreal Global Biodiversity Framework. Officials say achieving these targets will require stronger financial commitments from both public and private sectors.
BIOFIN, a UNDP flagship initiative operating in more than 130 countries, is designed to help governments close biodiversity financing gaps by improving data systems, strengthening policy frameworks, and mobilising investment.
Globally, the initiative has helped mobilise about Sh2.7 billion for biodiversity projects across 40 countries since 2018.
The Kenya programme establishes a national platform bringing together the National Treasury, commercial banks, the Nairobi Securities Exchange, conservation organisations, and development partners to coordinate biodiversity financing.
“Biodiversity protection is not a competing claim on scarce public resources. It is an investment in economic resilience, fiscal sustainability, and intergenerational equity,” said Treasury Principal Secretary Chris Kiptoo.
UNDP Resident Representative in Kenya Jean-Luc Stalon said biodiversity loss is increasingly an economic risk rather than just an environmental concern.
“BIOFIN is not another conservation project. It is a practical financial approach that helps countries move from commitments to implementation,” he said.
Principal Secretary for Environment, Climate Change and Forestry Festus Ng’eno said biodiversity financing should be treated as a strategic investment.
“Financing biodiversity should not be viewed as a cost, but as a strategic investment in economic resilience, climate adaptation, and sustainable development,” he said.
BIOFIN Kenya will now support policy reforms, develop bankable green projects, strengthen biodiversity budget tracking at both national and county levels, and pilot blended finance and ecosystem-based revenue models.