RIYADH: The Presidency of Saudi Arabia’s UN Convention to Combat Desertification COP16 has urged the private sector to boost funding for land restoration initiatives, emphasizing the significant shortfall in private investment.
This call, made during Land Day, the inaugural event of the seven thematic days at COP16, aligns with the Kingdom’s broader vision to tackle the global challenges of land degradation, desertification, and drought.
A recent UNCCD report reveals that only 6% of financial commitments for land resilience and drought restoration originate from the private sector, underscoring a critical funding gap that jeopardizes global efforts to combat land degradation.
Osama Faqeeha, Deputy Minister for Environment and Advisor to the UNCCD COP16 Presidency, stated: “If the international community is to achieve the scale of land restoration required, the private sector must significantly increase its investment.”
Faqeeha highlighted the alarming funding gap identified by the UNCCD, which estimates that the global economy could lose $23 trillion by 2050 due to land degradation, desertification, and drought.
He emphasized the private sector’s role, saying: “Businesses have long profited from land. It’s time to invest in restoration and secure the future of industries and economies.”
At COP16 in Riyadh, Faqeeha noted that Saudi Arabia is working to mobilize both public and private sectors to incentivize investment and unlock a potential trillion-dollar restoration economy.
During the COP16 opening press conference on December 2, Faqeeha suggested that businesses could contribute by investing in infrastructure and integrating drought resilience, sustainable land management, and climate resilience into their operations.
Faqeeha stressed that environmental protection must become a core business strategy, requiring a tangible financial commitment from the private sector in land conservation.
His call for greater private sector involvement aligns with Saudi Arabia’s expanding environmental initiatives, emphasizing the need for government-business collaboration in addressing ecological challenges.
Abdulrahman Al-Fadli, Saudi Arabia’s Minister of Environment, Water, and Agriculture and COP16 President, said during the Business for Land forum: “Through our COP16 Presidency, we aim to strengthen public and private partnerships and create a roadmap to rehabilitate 1.5 billion hectares of land by 2030.”
The Business for Land forum, held during Land Day, brought together leaders from business, government, and civil society to discuss finance, policy, and private enterprise’s role in addressing land degradation.
Gim Huay Neo, Managing Director of the World Economic Forum, highlighted the need to explore various forms of capital, including philanthropic, corporate social responsibility, development finance, and private equity, to create new opportunities.
Discussions on Land Day also focused on rangelands, which are natural grasslands crucial for sustaining livestock, wildlife, and carbon storage. The UNCCD reports that 54% of land cover is rangelands, with over 50% already degraded.
Faqeeha emphasized the importance of preserving rangelands, stating: “These ecosystems are vital for global livelihoods, but their depletion is driving food insecurity, climate change, biodiversity loss, and forced migration.”
The theme Protecting and Restoring Rangelands provided insights into science-backed solutions for combating land degradation, with a focus on finance in the circular economy.
Land Day also featured the Rio Convention Synergies dialogue, which explored interconnected challenges of land degradation, biodiversity loss, and climate change, building on progress from global events like the UN General Assembly, CBD COP16 in Colombia, and COP29 in Azerbaijan.
UNCCD COP16, running from December 2–13, 2024, at Boulevard Riyadh World, marks the 30th anniversary of the UNCCD under the theme Our Land. Our Future. The conference aims to promote multilateral action on issues like drought resilience, land tenure, and sand and dust storms.
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