USD 2.6 trillion to halt land degradation - UN: Investments aim to protect against climate change
Reclaiming the planet's degraded land and curbing the spread of desertification will require at least $2.6 trillion in investment by the end of the decade, said the UN executive overseeing global talks on the issue.
More frequent and severe droughts as a result of climate change, combined with the food needs of a growing population, mean that societies are at greater risk if action is not taken.
The two-week meeting aims to strengthen the world's resilience to drought, including tightening states' legal obligations, defining strategic next steps and securing finance.
A large part of the estimated $1 billion a day required will have to come from the private sector, said the Executive Secretary of the United Nations Convention to Combat Desertification (UNCCD).
With a growing population, which means the world needs to produce twice as much food on the same amount of land, private sector investment would be critical, he said.
While more than 100 countries wanted to limit plastic production, a handful of oil producers were only prepared to target waste. The talks in Saudi Arabia follow similar UN events in October on biodiversity and in November on climate change and plastics, where finance, or the lack of it, played a central role. To reach $2.6 trillion, almost as much as France's annual economic output, the world needs to close an annual gap of $278 billion, after only $66 billion was invested in 2022, the UN said.
A UN-backed study said land degradation was "undermining the Earth's ability to support humanity" and failure to recover it would "present challenges for generations". A land area of about 15 million square kilometers, larger than Antarctica, is already degraded and growing by about 1 million square kilometers every year, according to the study.
While countries have pledged to protect about 900 million hectares of land, they needed to set a more ambitious target of 1.5 billion hectares and accelerate the pace.
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