#Saudi Arabia #Riyadh #UNCCD #COP16

Saudi COP16 Presidency Calls for Increased Land Restoration Funding

The Saudi Presidency of the UN Convention to Combat Desertification (UNCCD) launched Earth Day at COP16, emphasizing the urgent need for increased financing in land restoration. This event marks the beginning of a series of thematic days aimed at fostering crucial discussions around land degradation, desertification, and drought.

During the proceedings, it was highlighted that private sector contributions to land resilience efforts are dismally low, amounting to just 6% of overall financing commitments. A report indicated that failure to address these issues could lead to an estimated loss of $23 trillion to the global economy by 2050.

The Earth Day event featured the Business for Land forum, which brought together decision-makers from business, government, and civil society to forge strategies that intertwine economics with environmental stewardship. In his introductory speech, Abdulrahman Abdulmohsen AlFadley, the President of UNCCD COP16 and Saudi Arabia's Minister of Environment, Water and Agriculture, reinforced the need for public-private partnerships to rehabilitate 1.5 billion hectares of land by 2030.

Gim Huay Neo, the Director General of the World Economic Forum, also addressed the audience, stressing the importance of exploring diverse funding avenues—from philanthropy and corporate social responsibility to combined capital and conventional private investments.

The event was framed within a broader context of discussions regarding interrelated environmental challenges, including biodiversity loss and climate change, which were previously addressed at significant platforms like the United Nations General Assembly and the Convention on Biological Diversity COP16.

Dr. Osama Faqeeha, the Deputy Minister of Environment, outlined the pressing need for private investment to overcome a worrying funding gap that hampers combatting land degradation. He emphasized that businesses, having benefited from land over decades, now have a responsibility to support restoration efforts actively.

Additionally, the event spotlighted global challenges faced by various land types, including grasslands, forests, and wetlands, which collectively account for over 54% of the Earth's land cover. The urgency for solutions to restore these vital ecosystems was discussed, considering that over 50% of grasslands alone are currently degraded, jeopardizing food security and carbon storage capacities worldwide.

The convening also included discussions on how to mobilize investment and action for grassland protection and restoration, highlighting the essential role these ecosystems play for livelihoods globally. The continued depletion of such resources exacerbates issues like food insecurity, climate change, and forced migration.

Looking ahead, the UNCCD COP16, scheduled from December 2-13, 2024, in Riyadh, aims to consolidate international resolutions around crucial topics such as drought resilience, land tenure issues, and measures to combat sand and dust storms, aligning efforts with the UNCCD's 30th anniversary objectives.

In conclusion, the Saudi COP16 Presidency aims to galvanize comprehensive investment strategies involving both public and private sectors, unlocking a potential restoration economy worth $1 trillion. This initiative seeks not only to address ecological crises but to ensure a sustainable future for communities worldwide. The push for more robust financial commitments is pivotal for achieving these ambitious environmental goals.