Nations Commit $1.3 Billion for Drought Resilience at COP17

The 17th session of the United Nations Convention to Combat Desertification (UNCCD COP17) concluded in Ulaanbaatar, Mongolia, with nations pledging a $1.3 billion financing portfolio aimed at land restoration and drought resilience. This funding encompasses 23 countries across five continents, including $644.5 million identified as new funding and $216.4 million already confirmed for implementation.

UNCCD Executive Secretary Yasmine Fouad stated that the conference produced essential political decisions, scientific evidence, financing mechanisms, and partnerships necessary for implementation. Despite the commitments, the UNCCD warned that financing and implementation are significantly lagging, with an estimated annual financing gap of $278 billion.

A major outcome of the conference was the launch of the Drought Resilience Investment Facility, co-created by the UNCCD and Luxembourg, aiming to mobilize up to $400 million for investments in water security and sustainable agriculture. The conference emphasized the need for increased financial resources and technical cooperation, particularly in Africa.