Arab Coordination Group Announces US$10 Billion Commitment To Combat Desertification And Land Degradation

The Arab Coordination Group (ACG), a coalition of ten major development finance institutions, has pledged up to US$10 billion by 2030. This commitment aims to tackle land degradation, desertification, and drought. The announcement was made during the Ministerial Dialogue on Finance at COP16 of the UN Convention to Combat Desertification in Riyadh, Saudi Arabia.

This significant pledge is part of a joint communiqué from ACG leaders. It will support land restoration, improve climate resilience, and encourage nature-positive growth in vulnerable areas. ACG members plan to use innovative financing methods and strengthen partnerships for sustainable land management and biodiversity conservation.

The initiative will particularly benefit regions like 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," stated Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank Group, representing ACG.

Dr. Al Jasser highlighted that restoring degraded lands and fighting desertification not only preserves ecosystems but also secures livelihoods. This effort fosters resilience in some of the world's most vulnerable communities.

The new pledge builds on previous commitments by the Group. These include a US$50 billion pledge made in Riyadh in November 2023 for resilient infrastructure in Africa and a US$24 billion climate finance pledge at COP27 in November 2022.

Additionally, ACG announced a US$10 billion Food Security Action Package in June 2022. These initiatives collectively aim to create inclusive societies and address critical global challenges through strategic financial investments.

This comprehensive approach demonstrates ACG's commitment to addressing environmental issues while promoting economic stability and food security across affected regions.

With inputs from WAM