- $12 billion committed: Major financial pledges from global entities to combat land degradation and drought.
- Funding gap remains: Annual investments need to triple to meet $355 billion goals by 2030.
- Private sector lag: Contributions account for only 6% of total funding needed.
Landmark Commitments at COP16
The COP16 UN Convention to Combat Desertification (UNCCD) conference in Riyadh has secured over $12 billion in funding to address land degradation and drought resilience. Held under the theme “Our Land, Our Future,” the event marked significant progress in tackling these critical global challenges.
Key contributions include:
- Arab Coordination Group: Committed $10 billion by 2030.
- OPEC Fund and Islamic Development Bank (IsDB): Each pledged $1 billion.
- Saudi Arabia: Contributed $150 million to operationalize the initiative.
Muhammad Sulaiman Al Jasser, President of IsDB, emphasized, “Through land restoration, combating desertification, and addressing drought, we aim to enhance resilience in the world’s most vulnerable communities.”
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Bridging the $278 Billion Funding Gap
Despite these commitments, annual investments in land restoration fall short of the $355 billion needed from 2025 to 2030. Current funding levels stand at just $77 billion annually, leaving a significant $278 billion gap.
UNCCD projects that reclaiming over a billion hectares of degraded land could generate up to $1.80 trillion annually in economic returns. However, private sector contributions remain minimal, at just 6% of total funding.
The Role of Private Sector Investment
The report highlighted the critical need for private sector involvement in land reclamation and drought resilience. Enhanced collaboration between public and private sectors could unlock untapped economic opportunities and bridge the funding deficit.
The Bottom Line
The $12 billion pledged at COP16 is a vital step toward combating desertification and drought. However, addressing the funding gap, particularly by mobilizing private sector investments, will be essential to achieve sustainable global resilience.
Related Article: What’s Happening at COP16
