The Ministry of Finance announced the implementation in Costa Rica of the international project “Accelerating Transformation through Sustainable Public Finance for Biodiversity” (FAST), an initiative aimed at incorporating biodiversity criteria into the planning, budgeting, and management of public finances.
The project seeks to develop policies, tools, and mechanisms that allow for more effective allocation of public resources towards the protection of biodiversity. Its areas of work include analyzing fiscal policy to identify opportunities for improvement and promoting sustainable public financing instruments in priority sectors.
The initiative will also allow for analyzing how certain taxes, incentives, and public spending decisions can impact biodiversity, with the aim of promoting a resource allocation that contributes to the country’s environmental goals without compromising fiscal sustainability.
FAST is funded by the International Climate Initiative (IKI) of the German Federal Government and is implemented by the German Cooperation for Development (GIZ) and the United Nations Environment Programme (UNEP). In Costa Rica, the Ministry of Finance will lead the project in coordination with the Ministry of Environment and Energy (MINAE).