In a significant move to boost funding for land restoration, over $12 billion has now been pledged to interrelated causes since COP16 in Riyadh began.
The Arab Coordination Group became the latest institution to pledge major financial backing, with a further $10 billion to combat land degradation, desertification and drought. The additional funding comes from the back of the launch of the Riyadh Global Drought Resilience Partnership, taking place on the first day of the Conference.
The OPEC Fund and Islamic Development Bank committed $1 billion each to the Riyadh Global Drought Resilience Partnership, alongside the $150 million provided by Saudi Arabia to operationalise the Initiative. The additional backing took place during the Ministerial Dialogue on Finance, part of the high-level segment at COP16, aimed at unlocking international funding from the private and public sectors.
“With over $12 billion pledged for major land restoration and drought resilience initiatives in just the first two days, COP16 in Riyadh is already proving a landmark moment in the fight against drought”, said Dr. Osama Faqeeha, Deputy Minister for Environment, Ministry of Environment, Water and Agriculture, and Advisor to the UNCCD COP16 Presidency.
“I hope this is just the beginning, and over the coming days and weeks, we see further contributions from international private and public sector partners, that further amplify the impact of vital drought resilience and land restoration initiatives.”
“As shown by the UNCCD’s latest report, there is a dire need for additional international funding. Redirecting more foreign aid, such as Official Development Assistance funds, to combat land degradation, drought and desertification would be one financial mechanism the international community could relatively quickly unlock to provide much needed support in the worst hit countries”, added Dr. Faqeeha.
On the second day of COP16 in Riyadh the UNCCD released its financial needs assessment report, detailing the latest funding requirements to address land degradation, drought and desertification. The findings revealed a sizeable funding gap for international land restoration efforts.
Based on UNCCD targets, the required annual investments for 2025–2030 are estimated at $355 billion. However, projected investments for the same period amount to only $77 billion per year, leaving $278 billion that needs to be mobilised to meet the objectives of the UNCCD.
The report also detailed the lack of investment in land restoration and drought resilience from the private sector, which is estimated to contribute just 6% of global funding. That’s despite UNCCD forecasting that restoring over one billion hectares of land could generate up to $1.8 trillion annually.