Riyadh: The Arab Coordination Group (ACG) has committed up to $10 billion to fight the critical challenges of land degradation, desertification and drought by 2030.
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.
The initiative will focus on restoring degraded lands and enhancing climate resilience across vulnerable regions, particularly in the West Asia, North Africa, and the Sahel.
Islamic Development Bank Group Chairman, H.E. Dr. Muhammad Al Jasser, speaking on behalf of the ACG said, “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”.
This latest commitment draws from several previous ACG pledges, including $50 billion for African infrastructure announced in November 2023, $24 billion for climate finance from COP27 in 2022, and $10 billion for food security declared in June 2022.
The group plans to utilize innovative financing instruments and partnerships to achieve its goals in sustainable land management and biodiversity conservation.
The Arab Coordination Group is a strategic alliance of ten major development finance institutions focused on fostering economic and social development in emerging markets.
Established to coordinate aid and development efforts, its members include prominent organizations like the Islamic Development Bank, the OPEC Fund for International Development, and various Arab national and regional development funds.
