BIOFIN Mexico identified around 40 potential finance solutions for biodiversity, based on the results of the public policy and expenditure reviews, as well as the financial needs assessment. Of theses 40 solutions, the BIOFIN Mexico team assessed that only 16 were potentially feasible.
Therefore, BIOFIN Mexico had a workshop in which experts prioritised the finance solutions for biodiversity in Mexico, considering the implementation feasibility, the financial sustainability and the risks of each solution. The attendees of the workshop were experts from several and diverse fields such as private sector, public sector (National Institute of Statistics and Geography, National Commission of Protected Areas, National Commission of Biodiversity Knowledge, Ministry of Finance, Ministry of Environment and Natural Resources), members of international cooperation agencies, independent consultants, civil society organisations, among others.
There were four tables and each one had four to five solutions to evaluate, discuss and analyse.
The preliminary results of the finance solutions priorization were:
- Biodiversity Mainstreaming in Strategic Sectors
- Expanding Local Schemes of Payments for Ecosystem Services
- Unlocking the Climate Change Fund
- Nature Entepeneurship and Impact Investment
- Issuing of Green Bonds
- Effective Distribution of Entrance Fees for the Finance of Natural Protected Areas
- International Finance Vision to Close the Biodiversity Finance Gap
- Aligning Result Based Budgeting to the SDGs
- Promote the Ecosystem Based Adaptation through Climate Finance
- Facilitate the Development of Guidelines for Companies' Investors that List in the National Banking and Securities Commission