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UNCCD warns global economy could lose $23 trillion by 2050 over land degradation
The global economy could lose $23 trillion by 2050 over land degradation, while halting this trend would cost around $4.6 trillion, a fraction of the predicted losses, according to the UN Convention to Combat Desertification (UNCCD).
The private sector can play a key role in supporting the sustainable use of land, according to the Executive Secretary of UNCCD, Ibrahim Thiaw.
Business leaders have been meeting at the UNCCD conference being held in Riyadh, Saudi Arabia, which is focusing on drought, land degradation and restoration issues.
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
Speaking at the Business 4 Land Forum at the COP16 conference, Executive Secretary of UNCCD Ibrahim Thiaw said they provide “a critical momentum to make sustainable land management a core part of corporate and financial strategies.”
COP16 is the biggest global meeting of its kind on land degradation and restoration and the presence of a wide range of business leaders suggests they recognize the urgent need to support the healthy use of land.
Drought and land loss will have dire consequences for the climate, biodiversity and people’s livelihoods as well as businesses, large and small.
“Shifting towards nature-positive operations, supply chains, and investments, is not only about environmental sustainability,” said Ibrahim Thiaw, “but about the long-term profitability and resilience of businesses.”
Members of the Business 4 Land initiative are urged to act in three key areas; business operations and value-chain transformation through integrating sustainability into their core strategies by addressing their impact on land, soil and water; finance for land restoration through mobilizing resources for land restoration while avoiding investments that exacerbate degradation; and advocacy and collaboration through building alliances between businesses, governments and civil society to amplify collective efforts and advocate for enabling policies.
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