Home Africa UNCCD Could Increase Global GDP by $140 Trillion

UNCCD Could Increase Global GDP by $140 Trillion

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According to attendees at the UNCCD 15th conference, if the goals of the United Nations Convention to Combat Desertification (UNCCD) are realized, the global economy might grow by more than $140 trillion per year, or 1.5 times global GDP.

According to Camilla Nordheim-Larsen, the UN convention’s Senior Partnerships and Resource Mobilisation Coordinator, action in the land sector has the potential to generate up to $140 trillion in annual revenue and 400 million new jobs, while failure to act can result in losses of up to $44 trillion.

She stated the Sustainable Development Goal for Life on Land is the least funded but can contribute the most to resilience while speaking at an event held by the African Development Bank and UNCCD partners on new finance mechanisms for sustainable landscapes.

She stated, according to the African Development Bank (AfDB), that while the cost of action may appear high, countries may pay an even higher price if they do nothing.

She stated the Sustainable Development Goal for Life on Land is the least funded but can contribute the most to resilience while speaking at an event held by the African Development Bank and partners on new finance mechanisms for sustainable landscapes.

She stated, according to the African Development Bank (AfDB), that while the cost of action may appear high, countries may pay an even higher price if they do nothing.

At the summit, Rishabh Khanna, Chief Impact Officer at Earthbanc and a member of the Initiative of Land Lives and Peace’s steering committee presented a new initiative launched in collaboration with the UN Convention — digital sustainable land bonds, which allow carbon buyers to purchase at an earlier stage of development.

“Land and ecosystem restoration funding makes up less than 1% of total climate finance due to a lack of universal capital market products for these activities,” he explained.

“Part of the reason is that sustainable land management monitoring, reporting, and verification has been labor-intensive, occasionally inaccurate, and has relied on fragmented measuring and accounting systems.”

Between 2019 and 2023, the African Development Bank will pilot the Adaptation Benefits Mechanism, which validates and monetizes the environmental, social, and economic benefits of adaptation efforts, including sustainable and resilient landscapes.

“Unlike mitigation, where cost-efficiency is the driving factor for investments, revenues from monetizing adaptation benefits are likely to be directed towards actions in vulnerable communities that are most needed because they deliver compelling stories,” said Gareth Philips, Climate and Environment Finance Manager at the African Development Bank.

Through a case study video on financing sustainable community forest enterprises in Cameroon, Dr. Peter Minang, Director of the International Agroforestry Centre for Africa and Global Coordinator of the ASB Partnership for Tropical Forest Margins, visualized the groundbreaking role that sustainable agroforestry measures and better enabling environments can play in empowering local communities.

“We are the first organization to test the Adaptation Benefits Mechanism in Côte d’Ivoire through a cocoa initiative.” We’re using a similar strategy in Cameroon, and more tangible measures have already been taken to enable certification shortly, which will help local communities create sustainable and resilient agroforestry systems. “One of our best practices is using hand-held machines to monitor all signs, which we might validate once a year, for example, using satellite imaging technology,” he said.

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