Disclaimer: Copyright infringement not intended.

Context:

Business leaders met at the UN Convention to Combat Desertification (UNCCD) conference in Riyadh, Saudi Arabia. At the Business 4 Land forum at the COP16 conference, the private sector has been urged to make the sustainable management of land a key part of corporate and financial strategy.

Key Facts:

According to the UN, droughts have surged by nearly 30 percent in frequency and intensity since 2000, threatening agriculture and water security, while up to 40 percent of the world's land is degraded, which means its biological or economic productivity has been reduced.

The global economy could lose $23 trillion by 2050 through degradation UNCCD has warned, that halting this trend would cost around $4.6 trillion, a fraction of the predicted losses.

About Business 4 Land initiative (B4L):

B4L is UNCCD’s main initiative to engage the private sector in sustainable land and water management. It helps companies and financial institutions manage risks and seize opportunities tied to land degradation and drought.

B4L aims to restore 1.5 billion hectares of land by 2030, contributing to Land Degradation Neutrality (LDN), a global commitment to achieve net zero land degradation by 2030, as well as enhancing drought resilience.

Business 4 Land initiative members are urged to act in three key areas.

• Business operations and value-chain transformation: Integrate sustainability into their core strategies by addressing their impact on land, soil, and water.
• Finance for land restoration: Mobilize resources for land restoration while avoiding investments that exacerbate degradation.
• Advocacy and collaboration: Build alliances between businesses, governments, and civil society to amplify collective efforts and advocate for enabling policies.

About United Nations Convention to Combat Desertification:

• The United Nations Convention to Combat Desertification (UNCCD) was established in 1994 to protect and restore land and ensure a safer, just, and more sustainable future.
• The UNCCD is the only legally binding framework set up to address desertification and the effects of drought.
• There are 197 Parties to the Convention, including 196 country Parties and the European Union.
• The Convention – based on the principles of participation, partnership and decentralization – is a multilateral commitment to mitigate the impact of land degradation, and protect land to provide food, water, shelter and economic opportunity to all people.
• The Convention unites governments, scientists, policymakers, the private sector and communities around a shared vision to restore and manage the world’s land.
• This work is crucial to ensure the sustainability of the planet and the prosperity of future generations.

READ ABOUT

https://www.iasgyan.in/daily-current-affairs/cop16-of-unccd

Source:

news.un.org