RIYADH: The UN Convention to Combat Desertification COP16 Presidency of Saudi Arabia has highlighted a serious lack of private investment and called on the corporate sector to boost funding for land restoration initiatives. The call, which was delivered on Land Day, the first of COP16’s seven themed days, is in line with the Kingdom’s goal of tackling the interrelated problems of drought, desertification, and land degradation globally.
Only 6% of funding commitments for drought restoration and land resilience originate from the corporate sector, per a recent UNCCD assessment. This highlights a lack of finance, endangering international initiatives to stop land degradation. “The private sector just needs to increase investment if the international community is to deliver land restoration at the scale required,” stated Osama Faqeeha, Deputy Minister for Environment and Advisor to the UNCCD COP16 Presidency.
According to him, the most recent UNCCD data reveals a concerning lack of funding for initiatives to address drought, desertification, and land degradation. According to UNCCD statistics, the world economy could lose $23 trillion by 2050 as a result of drought, desertification, and land degradation. This underscores the cost of delay.
Faqeeha emphasized the private sector’s accountability, saying: “Businesses have made money off the land for decades. The moment has come for businesses, sectors, and entire economies to embrace restoration and make investments in future-proofing their foundations.
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