Manila, Philippines (4 March 2019) – The United Nations Development Programme (UNDP) through the Biodiversity Finance Initiative (BIOFIN) together with the Department of Environment and Natural Resources (DENR) through its Biodiversity Management Bureau, and ADEC Innovations Corporation committed to work together to develop an online Biodiversity Monitoring and Evaluation (M&E) system and an investment platform to meet national targets for biodiversity conservation.
The M&E Platform is one of BIOFIN Philippines’ 21 finance solutions all aimed at narrowing the huge financing gap for the Philippine Biodiversity Strategy and Action Plan (PBSAP) implementation, the country’s roadmap to sustainably manage its biodiversity. The Platform will track the progress of the implementation of the PBSAP while mobilizing resources from various mechanisms such as corporate social responsibility, crowdfunding, diaspora or migrant philanthropy, and impact investment.
The Platform is also envisioned to foster transparency and accountability on investments made for biodiversity thereby increasing both public and private sector participation to unlock capital towards sustainable biodiversity financing. This is in the context that there is an estimated gap of almost PhP19B (USD 349M) in the annual budget (2015-2028) for biodiversity efforts in the Philippines.
ADEC Innovations Corporation recognizes the importance of developing such Platform and has committed to work hand in hand with UNDP-BIOFIN Philippines and DENR-BMB. “We at ADEC Innovations see the value in developing this platform as a way to achieve the Philippines’ targets for biodiversity conservation,” said James Donovan, CEO of ADEC Innovations. “This initiative not only requires work from the government and public agencies, but also calls for efforts from us in the private sector as we undoubtedly share the same vision with the Philippine government when it comes to sustainable management of natural resources,” Donovan added.
“Clearly there is big opportunity to leverage the capital, capabilities and innovation available from the private sector for biodiversity conservation. UNDP is delighted to have the opportunity to work with ADEC Innovations, known for its software development capabilities, to create this unique platform to monitor and promote public and private investments in biodiversity conservation. This will be an invaluable tool for DENR to help it bridge the financing gap,” as seconded by Titon Mitra, UNDP Resident Representative.
Encapsulating the country’s rich and vast data from various agencies and organizations, this Platform will provide visibility on and serve as repository of information on biodiversity-related projects and initiatives nationwide. The information provided by the Platform are expected to allow for making informed decisions for government programming and budgeting as well as for private investments for biodiversity contributing to the achievement of the Philippine Development Plan targets, Aichi Biodiversity Targets, and the UN Sustainable Development Goals Targets. It will also aid in the Philippines’ reporting to the Convention on Biological Diversity, a fulfillment of its international obligation.
“I am excited about this partnership especially on working with UNDP and ADEC Innovations. I am looking forward to more years of partnership and learning more about this initiative,” said Director Crisanta Marlene Rodriguez of the Biodiversity Management Bureau and added that BMB will facilitate DENR Secretary Roy Cimatu’s signing of the Memorandum of Understanding for this undertaking. She assured that DENR Secretary Cimatu, as a biodiversity advocate himself, will strongly support this initiative.
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About Biodiversity Financing Initiative (BIOFIN)
Launched in 2012, the Biodiversity Finance Initiative – BIOFIN, as a new global partnership, seeks to address the biodiversity finance challenge in a comprehensive manner – building a sound business case for increased investment in the management of ecosystems and biodiversity, with a particular focus on the needs and transformational opportunities at the national level. For more information, please visit: http://www.biodiversityfinance.net/.