#Saudi Arabia #Riyadh #COP16 #Drought Resilience #Land Restoration

Major Financial Commitments at COP16

The sixteenth Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification (UNCCD) is already making headlines for its impressive financial pledges. Over $12 billion has been earmarked for vital initiatives aimed at land restoration and enhancing resilience against drought, all secured in just the opening days of the conference held in Riyadh, Saudi Arabia.

The Arab Coordinating Group has recently joined this commitment streak, pledging an additional $10 billion to combat land degradation, desertification, and drought. This financial boost comes on the heels of establishing the Riyadh Global Drought Resilience Partnership during the conference's first day, reinforcing the collaborative effort among nations to tackle these pressing environmental issues.

Notably, the OPEC Fund and the Islamic Development Bank have each committed $1 billion to this partnership, supported by an allocation of $150 million from Saudi Arabia. These pledges were announced during the Ministerial Dialogue segment of COP16, which aims to unlock international funding from both private and public sectors to tackle desertification and land degradation effectively.

Dr. Osama Faqeeha, Deputy Minister of Environment, Water, and Agriculture of Saudi Arabia and Advisor to the UNCCD Presidency, expressed optimism about these commitments, labeling them as a significant milestone in the ongoing fight against drought conditions. He emphasized the need for sustained contributions from international partners in the upcoming days to amplify the impact of initiatives focused on drought resilience and land restoration.

The urgency and necessity for additional international funding were echoed in the recent UNCCD report that highlights the existing financial gap for restoring degraded lands. The report underscores that annual investment requirements to meet UNCCD targets from 2025 to 2030 is estimated at approximately $355 billion. Yet currently planned investments during this period only total $77 billion per year, revealing a staggering shortfall of $278 billion that still needs to be mobilized.

Moreover, the report indicates that private sector investments in land restoration are alarmingly low, comprising only about 6% of total global funding. This is despite the UNCCD estimating that restoring over a billion hectares of land annually could yield significant economic returns, potentially generating up to $1.8 trillion.

The Context of COP16

Running from December 2 to 13, 2024, at Boulevard Riyadh World, the UNCCD COP16 is centered around the theme “Our Land. Our Future.” This conference not only marks the 30th anniversary of the UNCCD but also aims to drive multilateral actions on critical issues such as drought resilience, land ownership, and the management of sand and dust storms. The convergence of officials, stakeholders, and environmentalists at COP16 illustrates a collective resolve to address these daunting challenges that threaten the ecological balance and livelihoods worldwide.

In conclusion, the substantial pledges made at COP16 showcase a promising step towards restoring compromised ecosystems and strengthening the fabric of resilience within communities affected by desertification and drought. The hope is that as discussions progress, more nations will step up to the plate, recognizing that a collaborative approach is essential to combat these global challenges effectively. For ongoing updates and further information about COP16 initiatives, interested parties can visit UNCCDCOP16.org.