|Overview : |
The implementation of the Biodiversity Impact Investment Tracking Tool (BIITT) builds on the outputs of the Biodiversity Finance Initiative (BIOFIN) Project that was launched in 2016 by the Government of Belize (GOB). The BIOFIN Project aimed to close the gap in biodiversity finances required in Belize through the implementation of a suite of finance solutions. The project identified nine (9) finance solutions including (1) Biodiversity Office, (2) Crowdfunding, (3) Carbon Markets, (4) Debt for Nature Swap, (5) Environmental Funds, (6) Green Debt Subsidy, (7) Grants, (8) Compensation for Planned Environment Damage and (9) Biodiversity Impact Investment Tracking Tool, that were capable streamlining existing expenditure and raising the financing needed to implement the National Biodiversity Strategy and Action Plan.
Outputs for the project included a Biodiversity Expenditure Review (BER) and a Financial Needs Assessment (FNA). These exercises aimed at understanding the current contexts of biodiversity finance and expenditure in Belize. The BER estimated and analyzed public and private biodiversity expenditures. The FNA estimated the cost of implementing biodiversity projects and programmes which would achieve national and global targets. Both exercised mutually recommended the need to realign private and public biodiversity expenditures and investments towards actions which optimally fulfil national biodiversity interest.
The BIITT is intended to be an analytical tool capable of tracking and measuring the impact of investments on biodiversity in Belize. The tool seeks to:
- Store public and private biodiversity expenditure and investment data from Belize.
- Measure and analyze public and private biodiversity expenditure and investment in Belize.
- Track the measures and analyze the impact of the investments on the achievement of national biodiversity, environmental plans or other national plans.
- Provide insight to users on biodiversity finances to inform policy or strategic development.
Currently, a Visual Basic for Applications (VBA) version of the BIITT has been developed. This consultancy aims to convert the VBA version of the BIITT into a web application for use by the National Biodiversity Office within the GOB and other NGO sector (protected area co-managers and environmental funds), private sector and other stakeholders. A web-based BIITT allows for improved monitoring and accuracy in the measurement of biodiversity finances and investment impact. It also allows for easier accessibility, flexibility and security in the use of the BIITT.