Trinidad and Tobago Biodiversity Policy, Institutional and Expenditure Review, Financial Needs Assessment and Finance Plan (BIOFIN)

The Trinidad and Tobago Biodiversity Finance Initiative (BIOFIN) seeks to develop a robust and achievable national Biodiversity Finance Plan that supports the implementation of the country’s biodiversity priorities. The initiative aligns with the revised National Biodiversity Strategy and Action Plan for 2026–2030 and the draft National Biodiversity Targets developed in accordance with the Kunming-Montreal Global Biodiversity Framework. It strengthens the evidence base for biodiversity financing by examining how biodiversity is reflected in national policies and institutions, how much the country currently spends on biodiversity, the financial resources required to meet its biodiversity targets, and the gap between current and required financing.

AAE undertakes the four core components of the BIOFIN process:

1. A Biodiversity Finance Policy and Institutional Review (PIR), which assesses the principal drivers of biodiversity loss and gain, maps relevant policies, institutions, stakeholders, revenues, incentives, and finance mechanisms, and identifies opportunities to improve policy coherence and the enabling environment for biodiversity finance.
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2. A Biodiversity Expenditure Review (BER), which analyses public, private-sector, civil society, and international expenditure relevant to biodiversity, applies the BIOFIN expenditure taxonomy and Biodiversity Attribution Ratios, reviews positive and harmful subsidies, and develops projections of future expenditure under a business-as-usual scenario.
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3. A Financial Needs Assessment (FNA), which estimates the cost of implementing the revised NBSAP and related biodiversity actions, identifies existing and potential financing sources, and calculates the financing gap under different macroeconomic and financing scenarios.
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4. A Biodiversity Finance Plan (BFP), which translates the diagnostic findings into a prioritised portfolio of finance solutions, institutional responsibilities, implementation roadmaps, budgets, and monitoring arrangements.

The assignment builds on existing national work while updating and expanding it in accordance with the BIOFIN Workbook 2024. This includes reclassifying and extending previous biodiversity expenditure analysis, incorporating information from the private sector and civil society, assessing biodiversity-relevant subsidies, and aligning financial needs with the revised national biodiversity targets. The analysis considers Trinidad and Tobago’s specific context as a twin-island, hydrocarbon-dependent Small Island Developing State and draws on lessons from BIOFIN processes in other developing countries and SIDS.