BAKU, Azerbaijan, December 3. The Islamic Development Bank (IsDB) has pledged at least $1 billion to finance drought resilience activities, contributing to the Riyadh Global Drought Resilience Partnership efforts by 2030, Chairman of the Islamic Development Bank (IsDB) Group Dr. Muhammad Sulaiman Al Jasser said addressing the Ministerial dialogue on finance: "Unlocking public and private finance for land restoration and drought resilience" - UNCCD COP16 in Riyadh, Trend reports.
“As we gather here, around 2 billion people live in dry lands and around 50 million people could be displaced by 2030 due to soaring temperatures, deforestation and ecosystem damage in several parts of the world. These challenges threaten livelihoods, food security, and environmental sustainability, thus increasing the prevalence of poverty and fragility. For over five decades, the Islamic Development Bank has been at the forefront of sustainable land management and drought resilience. Our support has expanded since the adoption of the Sustainable Development Goals and the Paris Agreement in 2015. I would like to share with you some examples of what the Islamic Development Bank has been doing to support the resource mobilization efforts from both the public and private sectors,” he said.
Al Jasser noted that since 2019, the Islamic Development Bank has issued over $5 billion in green and sustainability sukuk, mobilizing private capital from global markets to finance projects that address land degradation, drought, and water scarcity.
“We have allocated over $6 billion in public sector financing to UNCCD-aligned interventions since 2018. These initiatives include large-scale water infrastructure projects, climate-resilient agriculture programs, and soil conservation measures.
To maximize the impact of our investments, we adopt a holistic approach that combines finance with knowledge, capacity building, and technical assistance. We work closely with our member countries to develop innovative solutions and promote best practices. We are also actively engaged in global efforts to address land degradation and drought resilience. For instance, we have partnered with the UNCCD to promote the concept of just land transition, ensuring that smallholder farmers and other land-dependent communities benefit from sustainable land management policies.
The challenges we face are immense. By working together, we can create a sustainable future for generations to come. As a multilateral development bank, we must mobilize resources and channel them to where they are needed the most. To demonstrate our commitment, the Islamic Development Bank has pledged at least $1 billion to finance drought resilience activities, contributing to the Riyadh Global Drought Resilience Partnership efforts by 2030. We are also eager to join the Arab Coordination Group in making a significant contribution to global efforts to combat land degradation, desertification, and drought. Together, we can build a more resilient and sustainable world,” he concluded.
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