The Arab Coordination Group (ACG), a coalition of 10 leading development finance institutions, has announced a groundbreaking commitment of up to $10 billion by 2030 to combat land degradation, desertification, and drought.
The pledge was revealed during the Ministerial Dialogue on Finance at the 16th session of the Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification (UNCCD), held in Riyadh, Saudi Arabia.
This ambitious initiative aims to drive land restoration efforts, enhance climate resilience, and foster nature-positive development in vulnerable regions, particularly in the Middle East, North Africa, and the Sahel. The funds will be mobilized through innovative financing mechanisms, partnerships, and resource pooling to support sustainable land management, biodiversity conservation, and food security.
“The ACG’s $10 billion pledge underscores our shared determination to address some of the most pressing challenges of our time,”
said Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank Group, speaking on behalf of the ACG.
“By restoring degraded lands, we are not just preserving ecosystems but also securing livelihoods and building resilience in vulnerable communities.”
This commitment builds upon ACG’s prior pledges, including $50 billion for resilient infrastructure in Africa announced in Riyadh in November 2023, $24 billion for climate finance at COP27 in 2022, and $10 billion for food security unveiled in June 2022.
The initiative represents a pivotal step in global efforts to mitigate the impacts of climate change and ensure sustainable development in regions most affected by environmental degradation.
News Source: Emirates News Agency
