COP17 in Mongolia announces $1.3 billion for land restoration
The 17th Conference of the Parties to the UN Convention to Combat Desertification (COP17) in Ulaanbaatar concluded with the announcement of a $1.3 billion financing portfolio for land restoration and strengthening drought resilience in 23 countries across five continents.
As Premium Times Nigeria reports, governments, development banks, funds and companies announced the portfolio during the COP17 presidency's closing press conference. Of the total amount, $644.5 million has been identified as new financing, while $216.4 million has already been confirmed and is being prepared for implementation.
Rangeland restoration
The portfolio covers rangeland and landscape restoration, measures to strengthen drought resilience, and adaptation projects led by local communities. One of the conference's main outcomes was the launch of the Rangelands Flagship Initiative. It brings together $1.2 billion for 45 projects on sustainable rangeland management, restoration and support for the livelihoods of pastoral communities.
According to the UN Convention, rangelands cover about 54% of the planet's land area, support approximately two billion people and are managed by around 500 million pastoralists. Representatives of 197 Parties to the Convention took part in the two-day conference, while the total number of participants in the venue's blue and green zones exceeded 25,000.
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Drought negotiations
Participants agreed to continue negotiations until COP18 on a decision on proactive drought management. The issue of drought will remain a separate agenda item at future sessions.
COP17 also launched the Drought Resilience Investment Facility, a global platform designed to mobilize up to $400 million in public and private capital for water security, sustainable agriculture, nature-based solutions and land restoration.
The conference took place amid estimates that up to 40% of the world's land is degraded. Countries have committed to restore more than one billion hectares by 2030. To meet global commitments, about $355 billion annually will be needed until that deadline, compared with approximately $77 billion in current investments. The next Conference of the Parties to the UN Convention to Combat Desertification is planned to be held in Egypt in 2028.
