Riyadh: On COP16’s first day in Riyadh, a historic program to address droughts received $2 billion in funding.
The Riyadh Drought Resilience Partnership was unveiled by COP16 President Abdulrahman Abdulmohsen Al-Fadhley during a first day of high-level talks at the largest-ever conference of the UN Convention to Combat Desertification.
The cooperation was first financed with $150 million from Saudi Arabia. The Islamic Development Bank and the OPEC Fund for International Development pledged $1 billion to further finance the partnership.
With a roughly 30% increase over the last 20 years and currently making up 15% of all natural catastrophes worldwide, drought has become a continuous reality for a large portion of the planet. Data presented during the first session of COP16, which takes place from Dec. 2 to Dec. 13, suggests that three out of four people on Earth may be impacted by 2050.
The Riyadh Global Drought Resilience Partnership was established to advance global initiatives to strengthen resilience, specifically in the nations most affected by drought. During the announcement of the new program, Al-Fadhley stated, “It includes proactive partnerships to support the UNCCD.”
Muhammad Al-Jasser, chairman of the Islamic Development Bank, explained why his organization contributed to the collaboration during the Ministerial Dialogue on Drought Resilience, stating: “Drought remains an ever-present challenge.” Six of the ten nations most vulnerable in 2024 are members of the Islamic Development Bank.
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