The conference was a roadmap for sustainable blue and green financing for São Tomé and Príncipe and other small island developing states
The inaugural international conference on biodiversity financing took place at the UNESCO-recognized biosphere reserve of Príncipe Island, organized by the Government of São Tomé and Príncipe and the Regional Government of Príncipe, in collaboration with the United Nations and the African Development Bank (AfDB). This landmark event, held from March 14-15, 2024, aimed to spotlight the critical need for sustainable financing mechanisms in biodiversity conservation.
The conference successfully identified and showcased innovative financial strategies and solutions employed by countries like Mozambique, Rwanda, Seychelles, and Cape Verde. These strategies are designed to attract environmental finance and blended finance investments, supporting both terrestrial (green) and marine (blue) conservation efforts.
The event drew participation from high-ranking government officials, diplomatic representatives from Cap-Verde, Equatorial Guinea, Portugal, and Brazil, alongside members of civil society, financial institutions, private investors, international experts, and senior figures from the AfDB and the United Nations.
Príncipe Island, renowned for its rich biodiversity including nearly 900 plant species with approximately 400 endemic varieties, provided a unique backdrop for the conference. Field visits to the Abade Mangrove and the Príncipe natural park highlighted the Regional Government of Príncipe’s conservation efforts.
Prime Minister Patrice Trovoada opened the conference, lauding the support of the African Development Bank and the United Nations. He emphasized the importance of adequate financing and coordinated efforts to preserve biodiversity for global well-being.
“The African Development Bank is committed to avail its financial expertise and capital to provide innovative solutions for nature-rich African countries like São Tomé and Príncipe.”
Pietro Toigo, representing AfDB President Akinwumi Adesina, underscored the Bank’s commitment to converting natural capital into financial resources for sustainable development in biodiversity-rich nations like São Tomé and Príncipe. Olavo Correia, Cabo Verde’s Minister of Finance, stressed the urgency of addressing climate change, focusing on creating impactful solutions for youth and women.
The conference highlighted the successful implementation of innovative financing mechanisms across Africa, including Seychelles’ debt for nature swap, Mozambique and Rwanda’s conservation funds, and the upcoming São Tomé and Príncipe Fund for Biodiversity. A key takeaway was the need for African countries to establish coherent policy frameworks and governance structures to secure sustainable conservation funding.
The AfDB reaffirmed its commitment to climate finance, achieving significant milestones with over 55% of its 2023 lending program dedicated to climate initiatives. Gareth Philips, Climate and Finance Division Manager at the Bank, announced support for the UN’s Adaptation Benefits Mechanism, a novel approach to mobilizing public and private sector finance for climate change adaptation in Africa.
This pivotal conference marks a step forward in the global efforts to finance biodiversity conservation, offering a roadmap for sustainable financing solutions in São Tomé and Príncipe and other small island developing states.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
