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Saudi Arabia’s COP16 Presidency Calls for Urgent Private Sector Funding

In a significant move towards combating ongoing land degradation and its dire economic repercussions, Saudi Arabia's UNCCD Presidency has marked the commencement of Land Day at COP16, taking place in Riyadh. This event is part of a series of thematic discussions aimed at addressing critical issues related to desertification, drought, and restoration of degraded land.

During this pivotal launch, discussions highlighted a crucial finding from a recent UNCCD report indicating that a mere 6% of financial commitments for land resilience and drought restoration are sourced from private entities. In contrast, the potential global economic impact of land degradation could escalate to a staggering loss of $23 trillion by the year 2050.

The Land Day discussions featured the Business for Land forum, which gathered prominent figures from the business sector, governmental bodies, and civil society. The purpose was to foster dialogue at the intersection of business innovation, finance, and policy-making to engender private sector involvement in vital land restoration initiatives.

In his keynote speech, Eng. Abdulrahman Abdulmohsen AlFadley, the UNCCD COP16 President and Saudi Arabia’s Minister of Environment, emphasized the importance of public-private partnerships. He stated, “We aim for COP16 to serve as a catalyst for comprehensive strategies and partnerships to rehabilitate 1.5 billion hectares of land by 2030.”

Further underscoring the need for increased financial inputs, Gim Huay Neo, Managing Director of the World Economic Forum, remarked on the necessity of exploring a wide range of capital sources. These include philanthropic contributions, corporate social responsibility funding, development finance, and private equity initiatives, all of which are vital to spur new opportunities in land restoration investment.

The forum also addressed the interconnected nature of land degradation, biodiversity loss, and climate change, particularly during the 'Rio Convention Synergies' session, which reflected on the outcomes of various recent UN meetings including the CBD COP16 and COP29.

Dr. Osama Faqeeha, Deputy Minister for Environment, accentuated the urgency of private investment in land restoration, warning that without increased funding from the corporate sector, it would be challenging to deliver the required restoration at sufficient scale. “Business has long benefited from land; now, it is imperative to invest in its restoration. By mobilizing both public and private incentives, we can unlock a potential trillion-dollar restoration economy,” he stated.

Throughout Land Day, sessions also delved into the specific challenges faced by various types of rangelands and forests, representing approximately 54% of global land cover. A prominent focus was placed on 'Protecting and Restoring Rangelands' as a means of mobilizing investments to halt degradation and mitigate food insecurity, climate impacts, and biodiversity loss caused by widespread rangeland degradation.

Dr. Faqeeha highlighted the alarming state of rangelands, with more than 50% already degraded, emphasizing their crucial role as a vital ecosystem supporting 1/6th of global food supply and housing a third of the planet's carbon reservoir. Their deterioration not only exacerbates food insecurity but also fuels climate change and forced migrations.

Scheduled from December 2 to December 13, 2024, the UNCCD COP16 aims to tackle a broad spectrum of critical issues including drought resilience and land tenure. The theme, “Our Land. Our Future,” signifies a commitment to securing concerted multilateral actions for overcoming significant challenges posed by climate change-induced land degradation.

For those interested in attending COP16 or seeking more information, visit UNCCDCOP16.org.