 |
The Arab Coordination Group became the latest institution to pledge major financial backing, with a further $10 billion to combat land degradation, desertification and drought. The additional funding comes on the back of the launch of the Riyadh Global Drought Resilience Partnership, taking place on the first day of COP16 in Riyadh. The OPEC Fund and Islamic Development Bank committed $1 billion each to the Riyadh Global Drought Resilience Partnership, alongside the $150 million dollars provided by Saudi Arabia to operationalize the Initiative. The additional backing took place during the Ministerial Dialogue on Finance, part of the high-level segment at COP16 in Riyadh, aimed at unlocking international funding from the private and public sectors.
"With over $12 billion pledged for major land restoration and drought resilience initiatives in just the first two days, COP16 in Riyadh is already proving a landmark moment in the fight against drought," said Dr. Osama Faqeeha, Deputy Minister for Environment, Ministry of Environment, Water and Agriculture, and Advisor to the UNCCD COP16 Presidency. "I hope this is just the beginning, and over the coming days and weeks, we see further contributions from international private and public sector partners, that further amplify the impact of vital drought resilience and land restoration initiatives," Dr. Faqeeha added.
"As shown by the UNCCD's latest report, there is a dire need for additional international funding. Redirecting more foreign aid, such as Official Development Assistance funds, to combat land degradation, drought and desertification would be one financial mechanism the international community could relatively quickly unlock to provide much needed support in the worst hit countries," added Dr. Faqeeha.
Addressing attendees during the Ministerial Dialogue on Finance, Islamic Development Bank Group Chairman, Dr. Muhammad Al Jasser, speaking on behalf of the Arab Coordination Group, said: "Recognizing the critical role of finance in advancing these efforts, we commit to allocate up to $10 billion in financing approvals by 2030. These funds will target global land restoration, desertification prevention, and nature positive development projects aligned with the objectives of the Riyadh Global Drought Resilience Partnership."
Meanwhile, on the second day of COP16 in Riyadh the UNCCD released its financial needs assessment report, detailing the latest funding requirements to address land degradation, drought and desertification. The findings revealed a sizeable funding gap for international land restoration efforts. Based on UNCCD targets, the required annual investments for 2025-2030 are estimated at $355 billion. However, projected investments for the same period amount to only $77 billion per year, leaving $278 billion that needs to be mobilized to meet the objectives of the UNCCD.
The report also detailed the lack of investment in land restoration and drought resilience from the private sector, which is estimated to contribute just 6% of global funding. That's despite UNCCD forecasting that restoring over one billion hectares of land could generate up to $1.8 trillion annually.
About COP16 Riyadh:
The UNCCD COP16 conference is taking place from December 2-13, 2024, at Boulevard Riyadh World, Saudi Arabia. The conference, themed Our Land. Our Future, will mark the 30th anniversary of the UNCCD and aims to secure multilateral action on critical issues such as drought resilience, land tenure, and sand and dust storms.
For more information about UNCCD COP16, or to register your interest in attending the Green Zone please visit UNCCDCOP16.org