COP17 in Mongolia Wraps up with 1.3 Billion Dollars of Green Pledge
The portfolio includes $644.5 million in new finance and a new investment facility aimed at mobilizing up to $400 million.
- On Friday, the 17th session of the United Nations Convention to Combat Desertification concluded in Mongolia, where governments and partners announced a $1.3 billion portfolio to support land restoration and drought resilience efforts across 23 countries.
- The summit addressed growing concerns over land degradation, with up to 40 per cent of the world's land estimated to be degraded, prompting COP17 President Batmunkh Battsetseg to emphasize an open, inclusive, and consensus-driven process.
- Major outcomes include the Rangelands Flagship Initiative, which brings together $1.2 billion across 45 projects, and the Drought Resilience Investment Facility, designed to mobilize up to $400 million for sustainable agriculture and water security.
- Mongolia launched three initiatives under its Steppe Plan, including the Water-Land Nexus Initiative, while parties agreed to retain drought management as a "stand-alone agenda" item at future COP18 sessions.
- UNCCD Executive Secretary Yasmine Fouad emphasized that the summit's legacy depends on future implementation, as a significant financing gap remains with an estimated $355 billion needed annually through 2030 versus about $77 billion currently invested.
13 Articles
13 Articles
Despite a lack of policy consensus, the Mongolian summit managed to mobilize up to $1.3 billion for land restoration and strengthening drought resilience in 23 nations.
COP17: UN land summit ends in Mongolia with $1.3bn deal for restoration, drought resilience
The UNCCD COP17 in Ulaanbaatar, Mongolia, ended Friday with new political commitments, financing and initiatives aimed at turning global pledges on land restoration and drought resilience into concrete action. The post COP17: UN land summit ends in Mongolia with $1.3bn deal for restoration, drought resilience appeared first on Premium Times Nigeria.
UNCCD concludes COP17 with new drought resilience and land restoration initiatives
The recently concluded UNCCD conference in Mongolia set the stage for enhanced global drought resilience with innovative initiatives. Highlighted was a significant $1.3 billion commitment for land restoration and drought resilience projects. The newly introduced Drought Resilience Index will aid nations in evaluating their strategies, while the Drought Resilience Investment Facility seeks to attract public and private funding for impactful proje…
Key takeaways The COP17 conference in Ulaanbaatar, Mongolia, concluded with a major financial breakthrough. $1.3 billion (€1.1 billion) in commitments for green investments was secured. Representatives from 197 parties, including the European Union and 196 signatories to the UN Convention to Combat Desertification (UNCCD), negotiated for twelve days on […]
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