This article was originally published on Down To Earth.
“Private financial institutions are coming forward to provide finance for BIOFIN (Biodiversity Finance Initiative), a programme started by the United Nations Development Programme (UNDP). That was the key take away from the third global conference on biodiversity finance held in Mamallapuram, Chennai on March 7, 2018.
The main agenda of the conference was to bring together various stakeholders and share their experiences and technical models of various countries that are signatories to BIOFIN. The conference was categorised under four streams: public sector implementation, private sector implementation, analysing solutions and past experience from implementing BIOFIN.
During one of the panel discussions, Rakesh Shejwal, Vice president of Yes Bank India said that biodiversity has never been the priority for banking sector from funding point of view because of lack of understanding and how finance can impact the society.
“When it comes to biodiversity conservation, it was always thought of as a government’s job. Even if the private entities want to look at financing something, they look at CSR or philanthropy work; nobody has yet thought about developing a sustainable finance model for biodiversity conservation. This is where the gap lies,” says Shejwal. He adds that Yes Bank is on the process of setting up a pilot project based on Advance Environmental Risk Management (AERM)—a flagship initiative by the National Capital Finance Alliance—which supports practical implementation of commitments made by a member nation to the NCD…”
Read on at: Down To Earth.