The Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD COP17), held in August in Ulaanbaatar, Mongolia, highlighted new efforts to mobilize financing for drought resilience and land restoration.
The UNCCD and Luxembourg launched the Drought Resilience Investment Facility (DRIF), which aims to mobilize up to US$400 million in public and private capital for investments in water security, sustainable agriculture, nature-based solutions and land restoration. A first strategic partnership with the Global Environment Facility will explore opportunities to unlock additional private and philanthropic finance.
In addition, governments, development banks, funds and companies announced a US$1.3 billion portfolio of finance for land restoration and drought resilience across 23 countries. The portfolio includes US$644.5 million identified as new finance, of which US$216.4 million is already confirmed and moving toward implementation. The initiatives reflect growing efforts to address the financing gap for land restoration and drought resilience. More information