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

Major Funding Pledges at COP16

The ongoing UN Convention to Combat Desertification's sixteenth Conference of the Parties (COP16) in Riyadh has witnessed an unprecedented commitment of over $12 billion directed toward enhancing drought resilience and restoring degraded lands. This substantial financial boost underscores the urgent need to address environmental crises which threaten ecosystems and communities globally.

The Arab Coordination Group made a notable contribution with a pledge of an additional $10 billion aimed at tackling land degradation and desertification. This announcement coincided with the launch of the Riyadh Global Drought Resilience Partnership, solidifying a collaborative effort to combat drought challenges. In addition to their contributions, both the OPEC Fund and the Islamic Development Bank pledged $1 billion each to support the initiatives, while Saudi Arabia committed $150 million to facilitate the implementation of the partnership's objectives.

Dr. Osama Faqeeha, Deputy Minister for Environment and a key figure at COP16, expressed optimism regarding the significant funds raised in just the initial days of the conference. He emphasized the critical importance of escalating international funding and urged both public and private sectors to further contribute to initiatives aimed at boosting drought resilience and land restoration.

During the Ministerial Dialogue on Finance, leaders highlighted the pressing need for additional international financing. Dr. Faqeeha suggested that repurposing existing foreign aid, such as Official Development Assistance, could unlock much-needed support. This sentiment was echoed by Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank Group, who reiterated the financial group's commitment to securing $10 billion in project financing by 2030, targeting vital land restoration initiatives in alignment with the goals of the Riyadh Global Drought Resilience Partnership.

The recent release of the UNCCD's financial needs assessment report has revealed alarming gaps in funding for international land restoration efforts. Projections show that the annual investments required to effectively address land degradation and drought from 2025 to 2030 stand at $355 billion, while current funding only reaches $77 billion annually. This leaves a significant shortfall of $278 billion that must be mobilized.

The report also highlighted the low levels of private sector investment, which currently only accounts for approximately 6% of global funding to combat land degradation. With estimates suggesting that restoring over one billion hectares of land could potentially generate $1.8 trillion annually, the disparity in funding highlights a crucial opportunity for growth.

About COP16

COP16 is taking place in Riyadh from December 2-13, 2024, and marks the 30th anniversary of the UNCCD. This year’s theme, "Our Land. Our Future," seeks to galvanize multilateral action on pressing issues such as land tenure, drought resilience, and combating desertification. As delegates, stakeholders, and communities converge to discuss and drive action, the importance of financial commitments remains paramount in fostering sustainable environmental practices worldwide.

For further updates and information regarding the ongoing discussions, please visit UNCCDCOP16.org.