Kenya seeks to mobilise up to $150 billion (Sh19.4 trillion) in nature-related financing over the next decade to close a widening biodiversity funding gap and strengthen the country’s case for sustainable investment.

An UN-backed programme dubbed the Biodiversity Finance Initiative (BIOFIN) will serve as a national platform to mobilise between Sh12.9 trillion($100 billion) and Sh19.4 trillion ($150 billion) in financing opportunities tied to biodiversity conservation and sustainable use of natural resources.

It was unveiled on Tuesday in partnership with the United Nations Development Programme (UNDP). Under the initiative, Kenya will prioritise policy reforms, develop pipelines of investable conservation projects, and improve tracking of biodiversity spending at both national and county levels.

It also aims to deepen collaboration with capital markets and commercial banks to integrate environmental risks into lending and investment decisions.

The private sector is also expected to play a central role, with institutions such as the Nairobi Securities Exchange (NSE) and commercial banks exploring biodiversity-linked financial products.

Kenya’s economy remains heavily dependent on nature, with biodiversity-linked sectors such as agriculture, tourism, energy, and water contributing nearly half of gross domestic product (GDP) and supporting the majority of jobs.

However, ecosystems are facing increasing pressure from issues like climate change and land degradation.

Officials say the BIOFIN programme seeks to integrate biodiversity into Kenya’s fiscal planning, expanding private sector participation and developing new financing tools such as green bonds and sustainability-linked securities.

“We view biodiversity not only as an environmental priority, but as an economic imperative… Nearly half of our GDP, 48 percent, comes from nature-dependent sectors,” Treasury Principal Secretary Chris Kiptoo said.

Globally, the initiative operates in more than 130 countries. The UNDP says BIOFIN has helped mobilise over $2.7 billion for biodiversity projects since 2018.

In Kenya, it will be implemented by the UNDP country office in collaboration with the National Treasury, county governments, and development partners, with a focus on mobilising private capital and aligning financial flows with environmental priorities.

“BIOFIN is not another conservation project. It is a practical financial approach that helps countries move from commitments to implementation,” said UN Resident Representative Jean-Luc Stalon.

→dmusau@ke.nationmedia.com

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