#Saudi Arabia #Riyadh #UNCCD #COP16 #Land Restoration

Over $12 Billion Pledged for Land Restoration and Drought Resilience

The second day of the 16th Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification (UNCCD) in Riyadh saw monumental progress with more than $12 billion pledged for drought resilience and land restoration. This financial backing is crucial as countries grapple with land degradation and its effects.

The Arab Coordination Group emerged as a new supporter of these initiatives, announcing an additional commitment of $10 billion focused specifically on combating land degradation, desertification, and drought. This announcement follows the unveiling of the Riyadh Global Alliance for Drought Resilience on the opening day of COP16. Key organizations, including the OPEC Fund and the Islamic Development Bank, each pledged $1 billion to this critical cause, while Saudi Arabia contributed $150 million to kickstart these important efforts.

Dr. Osama Faqeeha, Deputy Minister of Environment in Saudi Arabia and an advisor at the UNCCD COP16, heralded this initiative as a possible turning point in the global fight against drought. He stated, “With over $12 billion promised for critical land restoration and drought resilience initiatives in just the first two days, COP16 in Riyadh is already proving to be a historic moment in our ongoing battle against desertification.” He expressed hope for further contributions from international partners in the coming days and weeks.

The need for additional international funding was underscored during a ministerial dialogue on finance. Dr. Muhammad Al Jasser, President of the Islamic Development Bank Group, representing the Arab Coordination Group, emphasized the essential role of financial backing. He declared a commitment to allocate up to $10 billion in financing approvals by 2030, directed towards global land restoration and projects that prevent desertification while aligning with the goals of the Riyadh Drought Resilience Alliance.

In conjunction with these funding commitments, the UNCCD released an assessment report detailing financial requirements for tackling land degradation and drought. It indicated a staggering financing gap in global restoration efforts, estimating that annual investments needed from 2025 to 2030 would reach $355 billion, while projections suggest that only $77 billion per year would be available, leaving a deficit of $278 billion to meet UNCCD objectives.

Moreover, the report identified a significant lack of investment in land restoration and drought resilience from the private sector, contributing a mere 6% of the global funding despite projections that restoring over one billion hectares could generate an annual economic return of up to $1.8 trillion.

About COP16 Riyadh

The UNCCD COP16 is taking place from December 2 to 13, 2024, at Boulevard Riyadh World, Saudi Arabia. The conference, themed “Our Land. Our Future,” marks the 30th anniversary of the UNCCD, aiming to ensure multilateral action on critical issues like drought resilience, land tenure, and sand and dust storms. For more information on the UNCCD COP16 or to register your interest in attending the Green Zone, visit UNCCDCOP16.org.