Riyadh – An initiative to tackle droughts secured $2 billion in funding on the opening day of Riyadh’s COP16, the UN Convention to Combat Desertification that runs from Dec. 2 to 13.
COP16 President Abdulrahman Abdulmohsen Al-Fadhley announced the partnership. Initially funded with USD 150 million from Saudi Arabia, more financing for the partnership was announced by the Islamic Development Bank and the OPEC Fund for International Development, with both pledging USD 1 billion each. Al-Fadhley is also the minister of environment, water, and Agriculture of Saudi Arabia.
Drought has become a persistent reality for much of the world, Arab News reported, increasing by nearly 30 %over the past two decades and now accounting for 15% of all natural disasters globally. By 2050, three out of every four people on Earth could be affected, according to data shared during the opening session of COP16.
Islamic countries join forces at COP16
During the meeting, chairman of the Islamic Development Bank Muhammad Al-Jasser said: “Of the 10 countries most exposed in 2024, six are Islamic Development Bank members.”
A delegate representing the OPEC Fund for International Development said its commitment reflects a determination to support proactive solutions that restore degraded land, strengthen resilience, and enhance the well-being of vulnerable communities.
