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In August, UNDP Colombia held the "Second Innovation Challenge: Biodiversity and Insurance" to promote the creation and development of insurance products to protect biodiversity in Colombia. It included three outreach sessions that covered topics such as insurance against natural disasters, biodiversity investments, and the potential for collaboration between insurers and conservation organizations.
The challenge brought together 20 organizations, including insurers, reinsurers, microfinance institutions, and conservation groups. These organizations formed six teams, each presenting proposals to promote sustainability and resilience in ecosystems and communities.
Two proposals were selected and will receive technical assistance and capacity-building support. First place is for the protection of habitat banks and protected areas, with expected benefits for local communities and redress for human-wildlife conflicts. Second place is for the protection of páramo ecosystems from fires.
📅 These winning proposals will also be presented at the Fasecolda Side Event and in the Finance Pavilion of the Sustainable Finance Hub of UNDP on Friday, 25 October 2024, during the Biodiversity COP in Cali.
Learn more: www.biofin.org...