RIYADH: Governments must create a clear vision and policy framework to address the urgent need for land and water preservation, Saudi Arabia’s Minister of Investment Khalid Al-Falih said during a key ministerial dialogue at COP16.
The session, titled “Unlocking Public and Private Finance for Land Restoration and Drought Resilience,” focused on the global imperative to tackle issues that cost the global economy $10 trillion annually.
Al-Falih highlighted that Saudi Arabia has already incorporated sustainable land management into its Vision 2030 framework, with specific policies aimed at safeguarding natural resources.
“Our vision explicitly sets out policies around how to manage our water and our land sustainably,” he said.
However, the minister emphasized that a clear vision alone is insufficient. Governments must also underpin this vision with a clear policy framework.
“In Saudi Arabia, we have set out several policies and laws to protect our natural environment, which includes issuing the General Environment Law, developing the national strategy for the conservation of biological diversity, setting out a clear policy on water usage, and establishing strict regulations and enforcement and implementation around hunting,” he said.
“These policies form the foundation for protecting our natural environment,” Al-Falih noted.
He also called for catalytic programs that unite stakeholders and inspire collaborative efforts.
“In Saudi Arabia, we have launched the Saudi Green Initiative, which aims to plant 10 billion trees and rehabilitate 40 million hectares of degraded land,” Al-Falih said.
He urged governments globally to adopt similar approaches to drive environmental sustainability.
Ibrahim Thiaw, executive secretary of the UN Convention to Combat Desertification, emphasized that the world must invest $1 billion daily to achieve land restoration goals by 2030.
He stressed the growing pressure on land and global food systems, noting that up to 40 percent of the world’s land is already degraded.
“It is estimated that by 2050, we will have to produce two times more food than the amounts we produce now,” Thiaw said, while pointing to the $2.6 trillion spent annually on harmful environmental subsidies.
“The main issue here is, how can we repurpose our investments? How can we rearrange our resources so that we channel them toward positive outcomes rather than negative ones?,” he said.
Despite the enormity of the challenge, Thiaw expressed optimism, emphasizing the availability of solutions for land restoration. “Land restoration has several benefits for public health, the economy, and people worldwide,” he added.
COP16 is taking place in Riyadh. AN
Thiaw also underscored the importance of both public and private finance in bridging funding gaps, citing tools like green bonds and impact investing.
He added that “this investment should be considered an investment into our future for our children and grandchildren.”
Achim Steiner, administrator of the UN Development Program, called for a fundamental shift in financing environmental projects, adding: “Plans often take center stage with finance subsequently treated as a secondary consideration, when it must become the foundation of our strategies with clear, actionable agendas for each country and landscape.”
He pointed to a significant gap in private sector funding for nature-based solutions, which currently stands at $102 billion annually, well below the global target of $200 billion.
“Public finance must de-risk investment in regenerative agriculture and ecosystem restoration, as it did for renewable energy projects 15 years ago,” Steiner said, noting that such de-risking strategies have helped attract $2 trillion in annual investments for renewable energy.
The economic rationale for investing in land restoration is compelling. “Every dollar invested in restoration yields between $7 to $30 in benefits,” Steiner said, emphasizing the importance of aligning investments with local priorities and proven strategies.
Mohammad Al-Jasser, president of the Islamic Development Bank, warned of the growing human and environmental risks tied to land degradation.
“Around two billion people live in drylands, and 50 million could be displaced by 2030 due to soaring temperatures, deforestation, and ecosystem damage,” he said.
Al-Jasser outlined the IsDB’s efforts, including $5 billion in green sukuk since 2019 and over $6 billion in public sector financing for UNCCD-aligned projects, supporting initiatives in water infrastructure, climate-resilient agriculture, and soil conservation.
“For over five decades, the Islamic Development Bank has been at the forefront of sustainable land management and drought resilience,” Al-Jasser said, adding that the bank’s environmental initiatives have grown significantly since the 2015 Paris Agreement.
The IsDB president outlined the bank’s significant financial commitments to tackling these challenges, highlighting support for initiatives such as water infrastructure, climate-resilient agriculture, and soil conservation programs launched since 2018.
OPEC Fund President Abdulhamid Al-Khalifa announced a $1 billion commitment to the Riyadh Global Drought Resilience Partnership. He also highlighted the organization’s ongoing push to allocate 40 percent of its financing to climate action by 2030. “In 2023, we already achieved 34 percent,” Al-Khalifa noted, stressing that such commitments are crucial for mobilizing additional resources globally.
Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda, emphasized the need to limit global warming to 1.5 C to mitigate the severity of droughts.
He reiterated the critical role land plays in climate action, noting that land degradation is the primary cause of biodiversity loss.
“Half of all climate actions are related to land according to the World Bank Group, and land degradation is the single greatest cause of biodiversity loss according to the UNCCD secretariat,” Mohieldin said, going on to emphasize the strong interconnections among the 17 goals, noting that five of these directly address the critical role of land.
