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

Global Commitment at COP16

The sixteenth Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD COP16) is taking bold steps toward combating land degradation and enhancing drought resilience. On the second day of the conference held in Riyadh, a significant commitment of more than $12 billion was pledged to support initiatives aimed at land restoration and combating desertification.

The Arab Coordination Group has emerged as a crucial supporter in this global agenda, vowing an additional $10 billion specifically to address issues of soil degradation, desertification, and drought. This financial commitment follows the launch of the Riyadh Global Partnership for Drought Resilience on the conference's opening day, further underscoring the urgency of the situation.

Both the OPEC Fund for International Development and the Islamic Development Bank have each committed $1 billion to the Riyadh Partnership, alongside the $150 million already contributed by Saudi Arabia to operationalize the initiative. This announcement was made during a ministerial dialogue on finance, a key component of the COP16's high-level segment, aimed at mobilizing international financial resources from both private and public sectors.

Dr. Osama Faqeeha, the Deputy Minister of Environment for Saudi Arabia, expressed optimism regarding this historic momentum. He highlighted that this is merely the beginning, hoping for further contributions from international partners in both public and private sectors in the days and weeks to come. These additional funds are expected to amplify the vital initiatives covering drought resilience and land restoration efforts worldwide.

Amidst these pledges, the UNCCD released a financial needs assessment report, pinpointing a significant funding gap necessary for addressing soil degradation, drought, and desertification. Projections indicate that annual investments of approximately $355 billion will be required between 2025 and 2030, yet currently planned investments stand at only $77 billion annually. This stark deficit, totaling $278 billion, highlights the urgent need for mobilization to meet the UNCCD targets.

Furthermore, the report indicated a critical lack of private sector investment in land restoration and drought resilience, contributing merely 6% of global financing. However, the UNCCD estimates that restoring more than a billion hectares of degraded land could potentially generate up to $1.8 trillion per year, an economic opportunity that must not be overlooked.

About COP16

The UNCCD COP16, scheduled from December 2 to 13, 2024, at the Riyadh Boulevard, Saudi Arabia, is themed “Our Land. Our Future.” The conference commemorates the 30th anniversary of the UNCCD and aims to foster multilateral action on pivotal issues like drought resilience, land tenure, and combating dust and sand storms.

For further details regarding the UNCCD COP16 or to express interest in participating in the green zone, please visit UNCCDCOP16.org.