WINDHOEK, March 6 (Xinhua) -- Namibia plans to implement new financial solutions for biodiversity conservation starting next year under a United Nations-backed initiative, a UN expert said Thursday.

The Biodiversity Finance Initiative (BIOFIN), which aims to address a funding gap in conservation efforts, will include measures such as area fees, green bonds, and carbon markets, Bernadette Shivute, sustainable finance specialist for the United Nations Development Program (UNDP) in Namibia, told Xinhua.

Biodiversity funding now mainly comes from the government and international donors, but it remains insufficient, she said.

"Globally, there is a shortfall in biodiversity finance, and this trend is the same for most countries, including Namibia," Shivute said. "The BIOFIN projects aim to quantify the finance gaps and, through innovative finance solutions, close this gap."

BIOFIN follows a structured approach that uses data analysis and stakeholder input to develop biodiversity finance plans, she said.

Shivute noted that biodiversity finance has been overshadowed by climate change initiatives, making it harder to integrate biodiversity into economic planning.

The Namibian government plays a key role in conservation through policies such as the Access and Benefit-Sharing Act, which regulates biological and genetic resources.

Protected areas, conservancies, and nature reserves also contribute to conservation while generating tourism revenue. Enditem

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