Saudi COP16 Presidency Urges Private Sector to Boost Land Restoration Funding Initiatives

On December 5, 2024, the Saudi Arabian presidency of the United Nations Convention to Combat Desertification (UNCCD) convened a pivotal discussion as part of Land Day, the inaugural event in a series of thematic days planned during COP16. The focus highlighted pressing issues such as land degradation, desertification, and drought, with a particular emphasis on increasing private sector investment for land restoration efforts. This call to action came on the heels of a UNCCD report indicating that a mere 6% of financial commitments for enhancing soil resilience and combating droughts stem from private sources. Furthermore, the report shared alarming projections that the global economy could face losses amounting to $23 trillion by 2050 if the current trends of land degradation continue.

During Land Day, various events took place promoting awareness and mobilizing action. The forum titled "Business for Land" showcased discussions that brought together high-ranking decision-makers from business, government, and civil society to explore the intersection of economic, financial, and political frameworks in addressing land degradation. In his keynote address, the President of UNCCD COP16 and the Saudi Minister of Environment, Water and Agriculture, Eng. Abdulrahman Abdulmohsen AlFadley, committed to leveraging COP16 as a launchpad for strengthening public-private partnerships aimed at developing a roadmap for restoring 1.5 billion hectares of land by 2030.

Gim Huay Neo, Executive Director of the World Economic Forum, echoed these sentiments, stressing the need to diversify sources of capital. He pointed out the importance of exploring various funding avenues, including philanthropic contributions, corporate social responsibility, development finance, blended capital, subsidies, and private equity, as mechanisms to drive new investment opportunities.

Further engagement on Land Day included discussions on "Synergies of the Rio Conventions," revisiting the intersecting challenges that lead to declines in soil quality, biodiversity loss, and climate change. Together, participants examined collaborative solutions aimed at mitigating these pressing issues.

According to Dr. Osama Faqeeha, Deputy Minister of Environment and an advisor on the COP16 Presidency, the significance of private sector involvement cannot be overstated. He stated, "For the international community to achieve land restoration at the necessary scale, the private sector needs to double down on its investments. Current UNCCD findings display a disconcerting gap in funding needed to combat land degradation, desertification, and drought." He further emphasized that businesses have long benefited from land resources, and now it's crucial for them to contribute toward sustainable future investments that secure the foundational assets for industries and entire economies.

In addition to the broader funding discussions, specific attention was devoted to the unique challenges faced by varied land ecosystems worldwide, spotlighting effective solutions that could curb land degradation. Topics included the protection and restoration of grasslands—an essential ecosystem for securing livelihoods and sustaining food supply. Discussions covered a range of grasslands, such as savannas, shrublands, wetlands, tundra, and deserts which represent about 54% of global land coverage according to UNCCD reports.

The insights gathered during Land Day offered participants valuable perspectives on research-based solutions addressing both land degradation and drought mitigation while also highlighting the vital role of financing within a circular economy.

Dr. Faqeeha declared, "Grasslands represent a critical ecosystem sustaining a significant portion of the global population. Over 50% of these lands are already degraded, resulting in dire consequences that threaten one-sixth of global food supplies and one-third of the planet's carbon storage capacity. The ongoing exploitation of these vital soils triggers food insecurity, climate change, biodiversity loss, and forced migration."

About COP16 Riyadh

The UNCCD COP16 conference is scheduled to take place from December 2 to 13, 2024, at the Boulevard Riyadh World, Saudi Arabia. Under the theme "Our Lands. Our Future," this conference celebrates the 30th anniversary of the UNCCD and seeks to ensure multilateral measures on critical issues such as drought resilience, land ownership, as well as sand and dust storms. For more information about UNCCD COP16 or to register your interest in attending, please visit UNCCDCOP16.org.