{"id":88458,"date":"2024-12-05T00:00:00","date_gmt":"2024-12-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/12\/05\/acg-pledges-usd-10-bn-at-cop16-bringing-total-pledges-up-to-usd-12-bn\/"},"modified":"2024-12-05T00:00:00","modified_gmt":"2024-12-05T00:00:00","slug":"acg-pledges-usd-10-bn-at-cop16-bringing-total-pledges-up-to-usd-12-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/12\/05\/acg-pledges-usd-10-bn-at-cop16-bringing-total-pledges-up-to-usd-12-bn\/","title":{"rendered":"ACG pledges USD 10 bn at COP16 bringing total pledges up to USD 12 bn"},"content":{"rendered":"

COP16 secures USD 10 bn pledge: <\/strong>The Arab Coordination Group (ACG)<\/a> pledged USD 10 bn to fight land degradation, desertification, and drought after the launch of the Riyadh Global Drought Resilience Partnership<\/a> at the COP16 UN Convention to Combat Desertification (UNCCD) summit in Riyadh, according to a press release (pdf)<\/a>. The commitment brings the total finance pledges at COP16 to USD 12 bn after the OPEC Fund and the Islamic Development Bank committed USD 1 bn each<\/a> to the partnership on Monday. Saudi Arabia also announced investments of USD 150 mn for the initiative. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

What they said<\/strong>: <\/strong>\u201cI hope this is just the beginning, and over the coming days and weeks, we see further contributions from international private and public sector partners,\u201d Saudi Deputy Minister for Environment Dr Osama Faqeeha said in the statement. <\/p>\n

Who are<\/strong> ACG? <\/strong>The ACG is an alliance of ten development funds<\/a> from Arab countries that work together as a multilateral development finance institution to support projects globally across sectors. The group\u2019s combined financial power makes it the world\u2019s second largest donor group. Some of the group\u2019s members<\/a> include the Abu Dhabi Fund for Development, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.<\/p>\n

The group has already mobilized USD bns in financing: <\/strong>The ACG launched a USD 10 bn development package for food security<\/a> action in 2022. The group also pledged to provide USD 24 bn in climate financing by 2030<\/a> at COP27 in Egypt. <\/p>\n

REMEMBER- <\/strong>To meet the UNCCD\u2019s targets, an estimated USD 355 bn is needed annually<\/a> between 2025 and 2030 \u2014 or a total cumulative investment of at least USD 2.1 tn \u2014 but projected investments for this period are at 77 bn annually, leaving a USD 278 mn funding gap. While investments grew from USD 37 bn in 2016 to USD 66 bn in 2022, the growth remains slow. 72% of investments came from domestic resources, 22% came from bilateral and multilateral sources, and only 6% came from the private sector.<\/p>\n

MEANWHILE- Five new initiatives were launched at the Saudi Green Initiative Forum: <\/strong>At the fourth edition of the Saudi Green Initiative Forum happening parallelly to COP16, five new initiatives worth USD 60 mn \u2014 that aim to plant trees, restore degraded land, reduce pollution, and support biodiversity growth \u2014 were launched, according to a press release<\/a>. The initiatives will be led by the Saudi Arabian Mining Company (Maaden) and the National Vegetation Development Corporation (Morouj) and include collaboration with the private sector. <\/p>\n","protected":false},"excerpt":{"rendered":"

The funding will be used to fight land degradation, desertification, and drought<\/p>\n","protected":false},"author":1,"featured_media":88459,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[527],"tags":[551,11,164,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cop-watch","tag-cop-watch","tag-enterpriseclimate","tag-green-finance","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"514151df-7023-4257-af80-1e315fb91cc1","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/532.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ACG pledges USD 10 bn at COP16 bringing total pledges up to USD 12 bn","related_issue":[88447],"teaser":"The funding will be used to fight land degradation, desertification, and drought","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.374202ac-544a-47c6-94a2-e145d4d974bf.mp3"},"yoast_head":"\nACG pledges USD 10 bn at COP16 bringing total pledges up to USD 12 bn - 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