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THE Arab Coordination Group (ACG), a strategic alliance of ten leading development finance institutions, announced today a landmark commitment of up to US$10 billion by 2030 to address the critical challenges of land degradation, desertification and drought.
The announcement was made during the Ministerial Dialogue on Finance: “Unlocking public and private finance for land restoration and drought resilience”, at the 16th session of the Conference of the Parties, COP16, to the United Nations Convention to Combat Desertification, UNCCD, hosted in Riyadh, Saudi Arabia.
This transformative commitment, made as part of a joint communiqué issued by the Heads of ACG Institutions, will drive land restoration efforts, enhance climate resilience and promote nature-positive development across vulnerable regions. ACG members will leverage innovative financing instruments, mobilize resources and strengthen partnerships to support sustainable land management, biodiversity conservation and food security, particularly in the Middle East, North Africa and the Sahel.
“The ACG’s US$10 billion pledge underscores our shared determination to address some of the most pressing challenges of our time. By restoring degraded lands and combating desertification and drought, we are not just preserving ecosystems but also securing livelihoods and fostering resilience in the world’s most vulnerable communities,” said Islamic Development Bank Group Chairman, Muhammad Al Jasser, speaking on behalf of the ACG.
The Group’s new pledge builds on (and will be primarily sourced from) its US$50 billion pledge made in Riyadh in November 2023 to help build resilient infrastructure and inclusive societies in the African continent, its US$24 billion pledge for climate finance made at COP 27 in November 2022, and its US$10 billion for Food Security Action Package announced in June 2022.
The ACG acknowledged Saudi Arabia’s leadership in advancing key global environmental initiatives, including the Saudi and Middle East Green Initiatives, and the G20 Global Land Initiative. These programs serve as benchmarks for global collaboration and underscore the importance of coordinated efforts to enhance land restoration and climate adaptation.
The Group also reaffirmed its commitment to supporting the global agenda for land protection and restoration as well as the Riyadh Global Drought Resilience Partnership in alignment with the UNCCD objectives. It does so by fostering partnerships, mobilizing resources, and calling for the creation of international platforms for knowledge-sharing and capacity-building to support sustainable land management, climate adaptation and ecosystem restoration globally.
Distributed by APO Group on behalf of Islamic Development Bank Group (IsDB Group).
A.I
Dec. 6, 2024
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