Malawi Pledges Funding for Biodiversity Amid Economic Benefits
The dialogue, facilitated by the United Nations Development Programme (UNDP), drew participants from 18 African nations implementing the BIOFIN initiative, which Malawi joined in 2019.
BLANTYRE, Malawi — Finance Minister Simplex Chithyola Banda affirmed Malawi's commitment to allocating resources towards biodiversity conservation during the opening of a three-day regional dialogue Wednesday, writes Steven Godfrey Mkweteza.
"This year the government has earmarked funding for biodiversity in the national budget to ensure our commitment to promote the sector," Banda said at the 10th Regional Biodiversity Finance Initiative (BIOFIN) Dialogue in Blantyre.
He cited biodiversity's potential for generating foreign exchange as a non-taxable area and its crucial role in environmental sustainability, human well-being and achieving global development goals.
"Effective mobilization and allocation of resources for biodiversity conservation necessitate collaborative efforts from governments, the private sector, NGOs and communities," Banda said.
However, he cautioned against exploitative investors, emphasizing the need for "tangible agreements for equitable and fair distribution of resources."
Natural Resources and Climate Change Minister Michael Usi called for swift action to prioritize biodiversity financing, demonstrating Malawi's commitment to preserving its rich biodiversity for sustainable economic development.
"Financial needs assessments revealed that millions of dollars were needed to effectively manage biodiversity-specific goals," Usi said, lamenting that biodiversity expenditure remains the smallest budget allocation in most countries.
The dialogue, facilitated by the United Nations Development Programme (UNDP), drew participants from 18 African nations implementing the BIOFIN initiative, which Malawi joined in 2019.