Abstract
Having strategic position makes Indonesia rich in biodiversity. However, there is a gap in funding this biodiversity; whereas, the existence of this biodiversity can be optimized by the government to enhance the economic development in Indonesia. This study aims to analyze potential financial solutions to fill the gap and increase the biodiversity funding in Indonesia. This research did a literature study from various sources such as BIOFIN countries, UNDP, and IBSAP of Indonesia; and conducted an assessment based on the results, sources, financial impact categories, and likelihood of success categories. The results show that out of 156 financial solutions studied, 32 of them have high financial impacts and are most likely successful to be implemented in Indonesia, and 8 of them are very potential to be implemented; those are state budget, corporate social responsibility (CSR), nature swap debts, taxes and fees in the tourism sector, payment for ecosystem services, ecological fiscal transfers (EFT), zakat, infaq, shadaqah, and waqf (ZISWAF), and green sukuk.
Highlights
A country needs to develop their economy to improve their community welfare
The mapping and analysis of both existing and potential-to-be-implemented financial solutions for biodiversity in Indonesia were done by grouping them into the results and source categories; as well as assessing the financial impacts generated and the success to be implemented
Based on the results of the study, there are 156 financial solutions for biodiversity funding; 73 of which have already existed and implemented in Indonesia and 83 others are potential financial solutions to be applied as biodiversity funding in Indonesia
Summary
A country needs to develop their economy to improve their community welfare. On the other hand, the economic development may affect the ecological conservation. Countries that are rich in biodiversity have great potencies in utilizing it as capital in development. The biodiversity can be formed as raw materials for food, medicine, cosmetics, or other industries; as well as biotechnology development for the processing industry, and the tourism sector. Developed countries have utilized and managed biodiversity a lot in the forms of biotechnology and raw materials for various industries; while developing countries that are rich in biodiversity have not developed much biotechnology or optimized the use of biodiversity in various industries. This is due to limited technology and funding for the development and management of the biodiversity
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