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India: Consultation on biodiversity finance initiative begins

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Seeking to conserve India's biodiversity, the Indian Environment Ministry today started a two-day national consultation on biodiversity finance initiative.

The stakeholders' meet has been organised to understand the BIOFIN project and to seek professional inputs from experts of various fields in strengthening the biodiversity conservation efforts in the country.

The consultation would also assess the expenditure being made by different organisations for activities related to biodiversity conservation.

A global panel set up by the Convention on Biological Diversity has estimated that USD 150-440 billion needs to be invested annually in biodiversity for effective implementation of Aichi global biodiversity targets.

"The experts who participated in the meeting provided important inputs on the efforts being made by the Environment Ministry and technical institutions including the Wildlife Institute of India and National Institute of Public Finance and Planning in assessment of biodiversity finance and policies in India," an official statement said here.

India updated its National Biodiversity Action Plan (NBAP) and also developed 12 National Biodiversity Targets in 2014.

As part of the exercise of updating NBAP, the Ministry had undertaken an assessment of budgetary allocations and expenditures related to biodiversity conservation in India through its core biodiversity related programmes and non-core programmes