Saudi COP16 Presidency Calls on Private Sector to 'ramp up' Funding Amid Land Restoration Finance 'blackhole'
Land Day at UNCCD COP16 in Riyadh kicks off thematic days
RIYADH, Saudi Arabia, Dec. 5, 2024 /PRNewswire/ -- Saudi Arabia's UNCCD Presidency launched Land Day today, the first of its seven scheduled Thematic Days designed to focus discussions and ongoing negotiations on key areas within the land degradation, desertification and drought issue. One of the central matters driving debate during the day concerned the urgent need to unlock private sector investment to mobilize international resources for land restoration.
It comes as Saudi Arabia's UNCCD Presidency called for the private sector to 'ramp up' funding, after a UNCCD report highlighted only 6% of financial commitments for land resilience and drought restoration came from private sources. UNCCD findings have also highlighted the cost of inaction, with the potential for the global economy to lose $23 trillion by 2050 due to land degradation, desertification and drought.
A range of key events took place during the course of Land Day to amplify awareness and action. The Business for Land forum brought together top-level decision-makers from business, government, and civil society to explore the intersection of business, finance, and policy and promote private sector engagement in addressing land degradation.
Delivering the keynote speech at the forum, UNCCD COP16 President and Saudi Arabia Minister of Environment, Water, and Agriculture, Eng. Abdulrahman Abdulmohsen AlFadley, said: "Through our Presidency of COP16 we will work to make this COP a launchpad to strengthen public and private partnerships and create a roadmap to rehabilitate 1.5 billion hectares of land by 2030."
Gim Huay Neo, Managing Director of the World Economic Forum, also addressed attendees on the need to unlock new investment, saying: "We really need to look at the entire spectrum of capital that is available, from philanthropic, corporate social responsibility, development finance, blended, looking at subsidies, and also private equity, mainstream capital, and look at how we can continue to grow new opportunities."
Following a series of events this year at the UN General Assembly, the CBD COP16 in Cali, Colombia and COP29 in Baku, Azerbaijan, the 'Rio Convention Synergies' dialogue also took place on Land Day, highlighting developments made during the 2024 Rio Trio events. The event discussed the interconnected issues driving land degradation, biodiversity loss and climate change, and how to find common solutions.
"If the international community is to deliver land restoration at the scale required, then the private sector simply must ramp up investment. As the latest UNCCD findings show, there remains a worrying blackhole in the funds needed to combat land degradation, desertification and drought," said Dr. Osama Faqeeha, Deputy Minister for Environment, Ministry of Environment, Water and Agriculture, and Advisor to the UNCCD COP16 Presidency.
"For decades businesses have profited from land, now is the time to embrace restoration and invest in futureproofing the foundations of businesses, industries and whole economies. At COP16 in Riyadh we are working to mobilize both the public and private sector, to further incentivize investment, and ultimately, help unlock a potential trillion-dollar restoration economy," added Dr. Faqeeha.
Meanwhile, the day also outlined the unique issues facing different types of land around the world, and the potential solutions to arrest their degradation. From forests to rangelands, which are natural grasslands used by livestock and wild animals to graze and forage. Rangelands also include savannas, shrublands, wetlands, tundra and deserts, and account for approximately 54% of all land cover according to the UNCCD. During Land Day discussions on 'Protecting and Restoring Rangelands' took place to mobilize investments in the preservation, protection, and restoration of global rangelands. Sessions offered participants insights into science-backed solutions for combating land degradation and drought, and the crucial role of finance in the circular economy.
"Rangelands are a vital ecosystem for people around the world, nurturing lives and livelihoods. However, they are facing acute degradation with over 50% of rangelands already degraded. This is having a drastic impact, putting at risk 1/6th of humanity's food supply and 1/3rd of the planets carbon reservoir. The continued depletion of these vital lands is driving food insecurity, climate change, biodiversity loss and forced migration," said Dr. Faqeeha.
About COP16 Riyadh:
The UNCCD COP16 conference is taking place from December 2-13, 2024, at Boulevard Riyadh World, Saudi Arabia. The conference, themed Our Land. Our Future, will mark the 30th anniversary of the UNCCD and aims to secure multilateral action on critical issues such as drought resilience, land tenure, and sand and dust storms.
For more information about UNCCD COP16, or to register your interest in attending, please visit UNCCDCOP16.org
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