RIYADH: Saudi Arabia’s UN Convention to Combat Desertification COP16 Presidency has called on the private sector to increase funding for land restoration efforts, highlighting a critical shortfall in private investment.
The appeal, made during Land Day, the first of the seven thematic days at COP16, aligns with the Kingdom’s vision to address the interconnected challenges of land degradation, desertification, and drought on a global scale.
According to a recent UNCCD report, only 6 percent of financial commitments for land resilience and drought restoration come from private sector sources. This underlines a funding gap, which threatens global efforts to combat land degradation.
Deputy Minister for Environment and Advisor to the UNCCD COP16 Presidency, Osama Faqeeha, said: “If the international community is to deliver land restoration at the scale required, then the private sector simply must ramp up investment.”
He said that the latest UNCCD findings show a worrying funding gap in the efforts to combat land degradation, desertification, and drought.
UNCCD findings have 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.
Faqeeha underscored the responsibility of the private sector, adding: “For decades, businesses have profited from land. Now is the time to embrace restoration and invest in future-proofing the foundations of businesses, industries, and whole economies.”
At COP16 in Riyadh, Faqeeha highlighted that Saudi Arabia is working to mobilize both the public and private sectors to further “incentivize investment, and ultimately, help unlock a potential trillion-dollar restoration economy.”
During the COP16 opening press conference on Dec. 2, Faqeeha stated that businesses could help by investing in infrastructure and integrating drought resilience, sustainable land management, and climate resilience into their operations.
The deputy minister emphasized that environmental protection must become a core element of business strategy: “That needs to be a visible and tangible financial contribution of the private sector in land conservation.”
His calls for greater private sector involvement align with Saudi Arabia’s growing environmental initiatives, emphasizing the need for collaboration between government and businesses in addressing pressing ecological challenges.
Delivering the keynote address at the Business for Land forum, Saudi Arabia’s Minister of Environment, Water, and Agriculture and COP16 President, Abdulrahman Al-Fadli, 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.”
The Business for Land forum, held as part of Land Day, brought together leaders from business, government, and civil society to explore the role of finance, policy, and private enterprise in addressing land degradation.
“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,” said Gim Huay Neo, managing director of the World Economic Forum.
The discussions on Land Day also highlighted the unique challenges facing rangelands — natural grasslands that sustain livestock and wildlife while serving as a crucial carbon reservoir.
According to the UNCCD, rangelands account for 54 percent of all land cover but are facing acute degradation, with over 50 percent already degraded.
Speaking on the importance of preserving these ecosystems, Faqeeha said: “Rangelands are a vital ecosystem for people around the world, nurturing lives and livelihoods.”
He added: “The continued depletion of these vital lands is driving food insecurity, climate change, biodiversity loss, and forced migration.”
Discussions on the theme Protecting and Restoring Rangelands provided participants with insights into science-backed solutions for combating land degradation, emphasizing the role of finance in the circular economy.
Rio Conventions Synergies
Land Day also featured the Rio Convention Synergies dialogue, which built upon progress made earlier this year at global events, including the UN General Assembly, CBD COP16 in Colombia, and COP29 in Azerbaijan.
The dialogue focused on the interconnected challenges of land degradation, biodiversity loss, and climate change, exploring shared solutions to address these critical issues.
UNCCD COP16, taking place from Dec. 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 foster multilateral action on critical issues, including drought resilience, land tenure, and sand and dust storms.
