THAILAND BIODIVERSITY FINANCE PLAN (2023-2027) 99 Thailand’s Biodiversity Finance Action Plan Medium-Term Action Plan (2-4 years) 5. Legislative and Regulatory Reforms • Advocate for necessary legislative reforms to support biodiversity conservation and sustainable development goals, ensuring a conducive legal environment for the BFP’s successful execution. 6. Capacity Building • Invest in training programs for local communities and institutions, enhancing their capacity to manage natural resources sustainably and actively contribute to conservation initiatives. 7. Monitoring and Evaluation Framework • Establish a robust monitoring and evaluation framework to track the progress of the BFP’s implementation, regularly assess the finance results of financial resources mobilized and the effectiveness of conservation efforts. 8. Scaling Innovative Financing • Scale up successful pilots of innovative finance mechanisms, collaborating with financial institutions to create more opportunities for sustainable investments in biodiversity projects. Longer-Term Action Plan (4-5 years) 9. Mainstreaming Biodiversity • Work towards mainstreaming biodiversity considerations into broader economic and development policies, including the development of a specialized biodiversity finance unit within government agencies, ensuring that sustainability is a core element of all future planning and budget decision-making processes. 10.Community of practice • Develop educational programs and research initiatives to foster a deeper understanding of the value and methods of biodiversity finance, creating a knowledge base that informs future conservation finance strategies. 11.Adaptation and Flexibility • Regularly review and adapt the BFP in response to changing environmental, economic, and social conditions, ensuring its continued relevance and effectiveness over the long term.
Chapter 6 Conclusion
THAILAND BIODIVERSITY FINANCE PLAN (2023-2027) 101 6. Conclusion At the 15th Conference of the Parties to the Convention on Biological Diversity (CBD COP 15) in 2022, Thailand agreed to develop the National Biodiversity Strategy and Action Plan (NBSAP) and implement it alongside the national Biodiversity Finance Plan (BFP). The NBSAP serves as the primary strategic framework driving the Global Biodiversity Plan under the Convention on Biological Diversity (CBD), while the BFP plays a key role in mobilizing resources to bridge the biodiversity financing gap and support efforts to achieve Thailand’s NBSAP objectives. By engaging with more than two hundred organizations through a whole-of-society approach, Thailand developed its NBSAP with three strategies, three goals, and twelve targets. The BFP for Thailand was validated at the national level and highlighted three high-level goals – (a) increasing and catalysing resources from multiple sources, including the public sector, private sector, and civil society; (b) reducing harm, and (c) enhancing effectiveness and nature-climate synergies. The successful implementation of the Biodiversity Finance Plan (BFP) for 2023-2027 is crucial to ensuring the long-term sustainability of Thailand’s biodiversity and ecosystems. Findings from the review of biodiversity-related public expenditures and the assessment of financial needs for implementing the NBSAP estimate a funding gap of US$ 1.116 billion. Additionally, research on the re-alignment or reduction of harmful subsidies through various programs between 2021 and 2023 estimated an expenditure of over THB 219.788 billion. The development of the Biodiversity Finance Plan is crucial for mobilizing resources and funding to implement the National Biodiversity Action Plan. The plan focuses on achieving four finance results: 1) Revenue generation, 2) Budget realignment, 3) Avoiding future costs of nature restoration, and 4) Delivering better budgetary outcomes. Another key objective of the BFP is to drive financial resources to help Thailand achieve its biodiversity targets at both national and global levels. Furthermore, the BFP plays a crucial role in supporting the Kunming-Montreal Global Biodiversity Framework (“GBF”) through innovative financial mechanisms. Thailand recognizes that conservation efforts require substantial financial resources, and the government alone cannot address this challenge. Therefore, creating nature-positive investment opportunities from the private sector and collaboration with civil society organizations will help bridge the biodiversity finance gap. This ensures that various conservation projects have sustainable, long-term funding to continue their initiatives. Additionally, the BFP acknowledges that financial decision-making
102 THAILAND BIODIVERSITY FINANCE PLAN (2023-2027) processes must prioritize biodiversity considerations, as this ensures that economic growth and development can be achieved sustainably without sacrificing ecosystems or creating future cost burdens for nature and environmental restoration. In conclusion, the Biodiversity Finance Plan (BFP) for Thailand 2023-2027 provides a comprehensive and adaptable framework for achieving biodiversity conservation and sustainable development in Thailand through innovative financing solutions. Its successful implementation will be a crucial step towards ensuring a sustainable future for generations to come and promoting a more balanced and healthier nature.
Thailand Biodiversity Finance Plan (2023-2027) Copyright Biodiversity Management Division Office of Natural Resources and Environmental Policy and Planning United Nations Development Programme (UNDP), Thailand Biodiversity Finance Initiative (With support from the GEF-funded Global Biodiversity Framework Early Action Support: GBF-EAS) Published by Biodiversity Management Division Office of Natural Resources and Environmental Policy and Planning (Temporary Office) Tipco Tower Building 2, 14th Floor, 118/1 Rama VI Road, Phayathai, Bangkok 10400 Tel. 02-265-6685 Fax 02-265-6684 Email: [email protected] United Nations Development Programme (UNDP), Thailand 14th Floor United Nations Building, Rajdamnern Nok Avenue, Bangkok 10200 Tel. 02-288-3350 Email: [email protected] Citation Office of Natural Resources and Environmental Policy and Planning. 2024. Thailand Biodiversity Finance Plan (2023-2027). Ministry of Natural Resources and Environment. Bangkok. 102 pages. ISBN 978-616-316-801-6 Design by Scand-Media Corporation Co., Ltd. Photos credits Chittiwat Pornprasert
United Nations Development Programme Thailand 14th Floor United Nations Building Rajdamnern Nok Avenue Bangkok 10200, Thailand Email: [email protected] Tel:+66 2 2883350 http://www.th.undp.org UNDPThailand