The Arab Coordination Group (ACG), a strategic coalition comprising 10 prominent development finance institutions, has revealed a commitment of up to $10 billion by 2030 to tackle the urgent issues of land degradation, desertification, and drought. This announcement was made during the Ministerial Dialogue on Finance titled “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), which took place in Riyadh, Saudi Arabia.
Driving sustainable development
This commitment, articulated in a joint communiqué by the heads of ACG institutions, aims to propel efforts in land restoration, boost climate resilience, and encourage nature-positive development in vulnerable regions. Moreover, members of the ACG will utilize innovative financing tools, mobilize resources, and enhance partnerships to promote sustainable land management, biodiversity conservation, and food security, with a particular focus on the Middle East, North Africa, and the Sahel.
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Collective resolve for change
Dr. Muhammad Al Jasser, chairman of the Islamic Development Bank Group and spokesperson for the ACG, highlighted the significance of the ACG’s $10 billion pledge, indicating that it underscores the collective resolve to confront some of the most pressing challenges of the era. He noted that by restoring degraded lands and addressing desertification and drought, the ACG aims to protect ecosystems while safeguarding livelihoods and building resilience in the most vulnerable communities around the globe.
Previous commitments
The Group’s latest pledge builds upon its earlier commitments, including a $50 billion pledge made in Riyadh in November 2023 aimed at fostering resilient infrastructure and inclusive societies in Africa, a $24 billion pledge for climate finance announced at COP 27 in November 2022, and a $10 billion initiative for the Food Security Action Package revealed in June 2022.
