Degradation might cost the world economy $23 trillion by 2050. While stopping this progression would cost around $4.6 trillion which is a small portion of the estimated losses. UNCCD has issued a warning.
At the UN Convention to Combat Desertification (UNCCD) conference in Riyadh, business leaders have been gathering to discuss issues related to drought, land degradation and restoration.
Given that deterioration might cost the world an estimated $23 trillion or half of its GDP, the private sector has been urged to make sustainable land management which is a key part of its future corporate and financial strategy.
According to UNCCD Executive Secretary Ibrahim Thiaw, the private sector could be an important player for encouraging the sustainable use of land.
Speaking at the Business 4 Land forum at the COP16 conference he said, “a critical momentum to make sustainable land management a core part of corporate and financial strategies. Shifting towards nature-positive operations, supply chains and investments is not only about environmental sustainability but about the long-term profitability and resilience of businesses.”
The Business 4 Land program calls on participants to take action in three crucial areas. One by addressing their effects on land, soil and water. Two is funding for land restoration. Third is collaboration and advocacy to strengthen group activities and promote policies form partnerships with governments, corporations and civil society.
During the first few days of COP16, there have been some early achievements in securing international finance with $12 billion pledged for land restoration projects.
The Riyadh Global Drought Resilience Partnership received a commitment of $10 billion from the Arab Coordination Group, $1 billion from the OPEC Fund and $1 billion from the Islamic Development Bank. Saudi Arabia also contributed $150 million for implementing the project.
The UN reports that up to 40% of the world’s land is degraded meaning its biological or economic productivity has decreased and that droughts have increased by over 30% in frequency and intensity since 2000 affecting agriculture and water security.
COP16 is anticipated to be a game changer, showing a renewed global commitment to accelerate investment and action to restore land and develop drought resilience for the benefit of people and the world.
