Riyadh [Saudi Arabia], December 4 (ANI/WAM): The Arab Coordination Group (ACG), a strategic alliance of 10 leading development finance institutions, has announced a landmark commitment of up to USD 10 billion by 2030 to address the critical challenges of land degradation, desertification, and drought.
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.
This transformative commitment, made as part of a joint communique issued by the Heads of ACG Institutions, will drive land restoration efforts, enhance climate resilience and promote nature-positive development across vulnerable regions. ACG members will leverage innovative financing instruments, mobilise resources and strengthen partnerships to support sustainable land management, biodiversity conservation and food security, particularly in the Middle East, North Africa and the Sahel.
"The ACG's USD 10 billion pledge underscores our shared determination to address some of the most pressing challenges of our time," said Islamic Development Bank Group Chairman, Muhammad Al Jasser, speaking on behalf of the ACG.
"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."
The Group's new pledge builds on (and will be primarily sourced from) its USD 50 billion pledge made in Riyadh in November 2023 to help build resilient infrastructure and inclusive societies in the African continent, its USD 24 billion pledge for climate finance made at COP 27 in November 2022, and its USD 10 billion for Food Security Action Package announced in June 2022. (ANI/WAM)
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor