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Overview

The OPEC Fund at COP16 "Our Land. Our Future"

Land is the foundation of our food system, and without a robust food system life cannot flourish. Ninety-five percent of the world's food is produced on agricultural land, but two thirds of these lands are currently degraded and can barely support animal and plant life. According to the United Nations Convention to Combat Desertification (UNCCD), half a billion people live in such “desertified areas” today. And the numbers are rising.

Such is the magnitude of the task ahead of the UNCCD’s sixteenth session of the Conference of the Parties (COP16) taking place in Riyadh, Saudi Arabia, from December 2-13, 2024. Under the theme “Our Land. Our Future,” COP16 will be the largest UN land conference to date.

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OPEC Fund President Abdulhamid Alkhalifa said: 

“The OPEC Fund welcomes COP16 and embraces its ambition: to boost the resilience of ecosystems which are vital for livelihoods. This conference promises to foster critical international collaboration and dialogue to combat the degradation of our precious land resources. COP16 also provides an opportunity to showcase technological advancements and innovative solutions aimed at combating land degradation.”

The OPEC Fund views desertification through the lens of our Climate Action Plan, which commits us to dedicating 40 percent of all new financing to climate action by 2030. We are already well on track, having already dedicated 34 percent of our financing to climate in 2023. Our approach includes funding renewable energy as much as financing investments in climate resilience and mitigation, including sustainable management of land and water resources.

An integral part of our climate strategy is the development of tailor-made solutions together with partners, addressing specific challenges with precise and bespoke responses. In cooperation with the Asian Development Bank and Saudi Arabia we have established the Nature Solutions Finance Hub, a facility that aims to attract at least US$2 billion into projects incorporating nature-based solutions. “We see protecting, managing and restoring natural ecosystems as a win-win for biodiversity and humanity alike,” President Alkhalifa underlined.

COP16 in Riyadh will be the first UNCCD conference to be held in the Middle East. This region is facing rising temperatures, prolonged droughts and water scarcity, leading to soil degradation and desertification. The increasing occurrence of severe weather events has further raised sensitivities to the impacts of climate change. The OPEC Fund welcomes efforts by the conference host country and the wider region to align COP16 with the broader Sustainable Development Goals and the commitment to advancing environmental conservation and responsible land management practices.

Established in 1994, the UNCCD is the global voice for land and one of the three major UN treaties known as the Rio Conventions, alongside climate and biodiversity. The current parties to the convention are 196 countries and the European Union.