More than $12 billion has been pledged to tackle the issue of land degradation at a major climate conference in Riyadh this week.
The funding boost announced at the UN Convention to Combat Desertification at Cop16, which began on Monday, comes after an injection of $10 billion from the Arab Coordination Group, a strategic alliance of 10 development finance institutions.
The fund flows follow the launch of the Riyadh Global Drought Resilience Partnership on the first day of the summit, which received an initial commitment of $2 billion from the Opec Fund and Islamic Development Bank, alongside $150 million provided by Saudi Arabia to kick-start the initiative.
Islamic Development Bank Group chairman, Dr Muhammad Al Jasser, speaking on behalf of the ACG, said: “By restoring degraded lands and combating desertification and drought, we are not just preserving ecosystems but also securing livelihoods and fostering resilience in the world’s most vulnerable communities.”
Dr Osama Faqeeha, Saudi Arabia’s Deputy Minister for Environment, Ministry of Environment, Water and Agriculture, and Advisor to the Cop16 Presidency, said he hoped that this is just the start of support to combat land degradation, desertification and drought.
Dr Faqeeha anticipates further contributions from international private and public sector partners. “We are calling on countries, companies, organisations, scientists, NGOs, financial institutions and communities to join this pivotal partnership and become part of a global movement to build a drought-resilient future,” he said.
According to the UNCCD, international land restoration efforts will require $355 billion annually from 2025 to 2030. However, projected investments are expected to come in at $77 billion per year. This means that a further $278 billion needs to be mobilised to tackle drought and land degradation.
In an interview with The National before the event, Dr Faqeeha expressed the need for businesses to pick up the pace and fill the finance gap to tackle the effects of drought.
The UNCCD has forecast that the benefits of restoring land outweighs the cost. According to a recent report, restoring more than one billion hectares of land could generate up to $1.8 trillion annually.
Desertification linked to climate change is on the rise and land degradation affects nearly 40 per cent of the planet and the lives of more than 3.2 billion people.
Ibrahim Thiaw, UNCCD Executive Secretary, said: “While no nation is immune to drought, 85 per cent of the people impacted by it live in low- and middle-income countries. In a globalised world, it is our collective responsibility, and our shared interest, to liberate everybody, everywhere, from the worst impacts of drought.”
Cop16 will conclude on December 13.
