The Kenya Private Sector was represented by KEPSA at a two-day National Biodiversity Stakeholders Workshop which started on 8th May 2024. The workshop, organized by UNDP Kenya and NETFUND, aims to introduce stakeholders to the Biodiversity Finance Initiative (BIOFIN) program and its processes. The goal is to develop comprehensive National Biodiversity Strategies and Action Plans (NBSAPs) and work plans that include biodiversity finance solutions for Kenya while fostering ownership and active engagement among partners. This initiative stems from Kenya's receipt of funding from the Government of Norway (NORAD) to implement Biodiversity Finance Plans between 2023-2026, highlighting global urgency to allocate more finance towards biodiversity goals.

The funding received from NORAD will facilitate the early implementation phase of finance solutions outlined in the Biodiversity Finance Plans. Moreover, the BIOFIN methodology will be integrated into the Global Environment Facility (GEF8) Umbrella program, aiding in the design of Biodiversity Finance Plans (BFPs). Through this workshop, the private sector will gain valuable insights into how finance can be directed from various sources toward both global and national biodiversity objectives. By familiarizing themselves with the BIOFIN program and processes, participants aim to develop a robust work plan that aligns with Kenya's biodiversity finance needs and promotes sustainable development practices.

The outcomes of the National Biodiversity Stakeholders Workshop are poised to benefit the private sector by fostering a conducive environment for biodiversity finance solutions. By actively engaging in the development of the work plan, Dr. Koimbori, the Senior Circular Economy and Climate Change Coordinator at KEPSA, and other stakeholders are laying the groundwork for effective implementation strategies that will drive investment toward biodiversity conservation efforts. Ultimately, this collaborative effort will not only enhance Kenya's biodiversity goals but also create opportunities for private sector involvement in sustainable practices, contributing to long-term environmental and economic resilience.