Private sector called to action as world faces $23 trillion in losses due to land degradation
Business leaders met at the United Nations Convention to Combat Desertification (UNCCD) is being held in Riyadh, Saudi Arabia, which is focusing on issues of drought, land degradation and recovery.
According to the United Nations, droughts have increased nearly 30% in frequency and intensity since 2000, threatening agricultural and water security, while up to 40% of the world’s land is degraded, meaning with reduced biological or economic productivity.
Young trees are planted in Al Adhraa National Park in Saudi Arabia as part of efforts to protect soil from degradation.f
Drought and land loss will have serious consequences for the climate, biodiversity and the livelihoods of people as well as businesses large and small.
UNCCD has warned the global economy could lose $23 trillion by 2050 due to recession, while halting the trend would cost about $4.6 trillion, a fraction of the estimated loss. forecast.
According to UNCCD Executive Secretary Ibrahim Thiaw, the private sector can play an important role in supporting sustainable land use.
Speaking at Business land 4 Forum at the COP16 conference, he said they provide “a important driver to make sustainable land management a core part of corporate and financial strategy.”
COP16 is the largest global meeting on land degradation and recovery, and the presence of many business leaders shows they recognize the urgent need to support healthy land use.
Women in Niger prepare fields for the rainy season as part of an initiative to combat desertification.
“The shift towards nature-positive operations, supply chains and investments is not just about environmental sustainability but also about Long-term profitability and resilience of businesses.”
Members of the Business 4 Land initiative are called to action in three key areas.
Speaking to delegates at the meeting, Philippe Zaouati, CEO of sustainable investment fund MIROVA, said “companies will gain significant benefits by transforming their value chains to incorporate sustainable practices, not only to reduce the impact on nature but also to capture economic opportunities.” ,” adding that “mobilizing funds to restore land requires coordinated efforts by the public and private sectors.”
There have been some initial successes in the first days of COP16 in mobilizing international funding with $12 billion committed to land restoration efforts.
The Arab Coordination Group pledged $10 billion while the OPEC Fund and the Islamic Development Bank pledged $1 billion each to the Riyadh Global Drought Partnership, along with $150 million provided by Saudi Arabia to implement this initiative.
Henri Bruxelles, Director of Sustainability at global food and beverage company Danone, reiterated the importance of global collaboration.
“Collaboration across sectors of society is critical to addressing intertwined climate and water challengesto ensure food security and nutrition and ensure the livelihoods of the communities that feed the world,” he said to “build a sustainable food system.”
Learn more about Business 4 Land (B4L)
B4L is UNCCD’s main initiative to engage the private sector in sustainable land and water management. It helps companies and financial institutions manage risks and capture opportunities associated with land degradation and drought.
B4L aims to restore 1.5 billion hectares of land by 2030, contributing Neutral land degradation (LDN), a global commitment to achieve net zero land degradation by 2030, as well as strengthen post-drought resilience.
