Biodiversity Must Be Integrated Into Economic Planning Min Singh

(MENAFN- EIN Presswire) Countries must integrate biodiversity conservation into economic planning, public investment and financing decisions, rather than treating it solely as an environmental responsibility.

This was the position of Senior Minister within the Office of the President with Responsibility for Finance, Dr Ashni Singh on Saturday.

Dr Singh made the call while leading a high-level panel discussion on the final day of the Global Biodiversity Alliance (GBA) Summit at the Arthur Chung Conference Centre (ACCC), where regional policymakers and international representatives explored ways to mobilise financing for biodiversity conservation and sustainable development.

He said translating biodiversity commitments into tangible results requires strong institutional systems, reliable monitoring and reporting, private sector participation and innovative financing mechanisms.

“The biodiversity plan must remain at the central focus of all that we do,” Dr Singh said, stressing that the alliance must also provide a platform for turning commitments into action, rather than allowing discussions to remain without practical outcomes.

Director of Environment at the World Bank Group, Valerie Hickey, said countries must demonstrate the economic value of their natural resources through credible data and natural capital accounting.

This, she noted, would help governments make informed decisions and create opportunities for investment in conservation.

“If something isn't priced, it can't be built. If it can't be built, it can't be paid for,” Hickey said.

Meanwhile, Minister of Finance of the Commonwealth of The Bahamas, Michael Halkitis, pointed to debt for nature financing as one approach countries can use to generate resources for environmental protection.

Drawing on his country's experience, he underscored the need to recognise the economic value of preserving natural ecosystems.

“Marine protected areas should be recognised as long term investments, rather than just short-term costs,” Halkitis stated.

Additionally, Barbados' Minister of Economic Affairs and Planning, Marsha Caddle, said biodiversity goals must be included in national development and investment plans to ensure they are considered when governments allocate public resources.

“A target that lives in an environmental strategy is going to compete for leftovers in the national budget. And a target that lives in the national investment plan is going to compete on equal terms,” Caddle explained.

The two-day summit was held under the theme“Investing in Nature: Accelerating Biodiversity Finance for Sustainable Development.”

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