The world economy could grow by more than $ 140 trillion a year [1]or 1.5 times the annual world GDP if the goals of the UN Convention to Combat Desertification (UNCCD) are achieved, participants heard during a side event at the 15th UNCCD summit.

Camilla Nordheim-Larsen, Senior Coordinator for Partnerships and Resource Mobilization at the UN Convention, noted that action in the land sector could generate up to $ 140 trillion a year and create 400 million new jobs, while inaction could lead to losses in the range 44 trillion The goal of sustainable development for terrestrial life is the least funded, but can contribute most to sustainability, she said, speaking at an event dedicated to innovative financing mechanisms for sustainable landscapes, organized by the African Development Bank and partners.

The cost of taking action may seem huge, but governments can pay an even higher price if they do nothing. “The benefits of taking action against land degradation far outweigh the costs of sustainable landscape management. In sub-Saharan Africa this is at least seven times [2]!! Inactivity costs sub-Saharan Africa $ 490 billion a year, while, according to the Land Degradation Economics Initiative, reverse land degradation can benefit up to $ 1.4 trillion, ”said Luke Gnakaja, a former executive. Secretary of the UN Convention to Combat Desertification. and former Minister of the Environment of Benin, currently serves as Co-Chair of the Executive Committee of the Adaptation Facility.

Rishab Khan, CEO of Earthbanc and a member of the steering committee of the Earth, Life and Peace Initiative, presented at the summit a new initiative launched in conjunction with the UN Convention – digital sustainable land bonds that allow carbon buyers to purchase at an earlier stage of development. “Finance for land and ecosystem restoration accounts for less than 1% of all climate finance due to the lack of universal capital market products for this activity. Part of the reason is that the monitoring, reporting and verification of sustainable land management has been time consuming, sometimes inaccurate and using fragmented measurement and accounting methodologies ”.

The Adaptation Benefit Mechanism, piloted by the African Development Bank from 2019 to 2023, certifies and monetizes the environmental, social and economic benefits of adaptation actions, including for sustainable and sustainable landscapes. “Unlike mitigation, where cost-effectiveness is the driving force for investment, proceeds from monetizing the benefits of adaptation are likely to go to action in vulnerable communities that are most needed because they provide compelling stories,” he explained. Gareth Phillips, Climate and Environmental Finance Manager at the African Development Bank.

Dr. sustainable public forest enterprises in Cameroon. “We are the first organization to test the Adaptation Benefits Mechanism through a project in the cocoa sector in Côte d’Ivoire. In Cameroon, we are using a similar approach, and more concrete steps have already been taken for certification in the near future, which may provide new funding for the development of sustainable and sustainable agroforestry systems for local communities. One of our best practices is to use hand-held machines to monitor all the indicators that we could check once a year, for example, using satellite imaging technology, ”he said.


[1] Speech by the Deputy Secretary General at the Meeting of Heads of State at COP15 of the UNCCD. Available online https://bit.ly/3leWOQZ

Distributed by APO Group on behalf of the African Development Bank Group (AfDB).

Contact:
Ramarik Hyen
Department of Communications and External Relations
Email: [email protected]

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