In Malawi, the United Nations Development Program Resident Representative Fenella Frost commended the government’s efforts in biodiversity conservation through the Biodiversity Finance Initiative (BIOFIN) project. This was mentioned during the conclusion of the 10th Africa Regional Dialogue for BIOFIN which took place in Blantyre from April 3-5.
Frost highlighted the country’s progress in mobilizing resources by restructuring the budget, promoting carbon trading, and implementing payment for ecosystem services. These actions demonstrate Malawi’s commitment to preserving biodiversity.
During the event, Minister of Finance and Economic Affairs Simplex Chithyola Banda announced the development of biodiversity budgeting codes for ministries. This will facilitate the allocation of funds for biodiversity conservation within the public finance system.
Minister Banda stressed the importance of prioritizing the needs of local communities and vulnerable groups who rely on biodiversity for their survival and well-being.
The government’s vision is to establish payment schemes that support ecosystem services and provide benefits to communities and service providers.
Malawi urged other African nations to increase budget expenditure to invest in a sustainable future.
Over 70 biodiversity finance experts and government officials from 16 countries gathered at the event to exchange experiences, discuss finance strategies, and identify opportunities for solutions.
The BIOFIN initiative in Malawi was initiated in September 2015, with active participation in the implementation phase since 2018.
The project is overseen by the Ministry of Natural Resources and Climate Change in collaboration with the Ministry of Finance.
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