COP29 made crucial progress in addressing land degradation, desertification, and drought, said Azerbaijan’s Minister of Ecology and Natural Resources Mukhtar Babayev, addressing the Ministerial dialogue on finance: "Unlocking public and private finance for land restoration and drought resilience" - UNCCD COP16 in Riyadh, AzVision.az reports.

“According to the Intergovernmental Science Policy Platform on Biodiversity and Ecosystem Services, land degradation, desertification, and drought cost the global economy for $10 trillion each year. These challenges affect ecosystems, food security, and the well-being of communities.

At COP29 in Baku, we made crucial progress in addressing these challenges. One of the most significant achievements was the operationalization of Loss and Damage Fund. This fund will provide critical financial support to the countries most affected by climate impacts, including drought. It is a huge step forward addressing the climate loss and damage and helps vulnerable communities deal with the impacts of land degradation,” he said.

Babayev noted that a major success story of COP29 was the historic agreement on the new climate finance goal aimed at supporting the countries most vulnerable to the climate change - triple finance to developing countries, increasing the target from $100 billion annually to $300 billion annually by 2035, mobilizing $1.3 trillion annually by 2035, drawing from both public and private sources to scale up finance for developing countries.

“This represents a crucial milestone for scaling up efforts in land restoration and drought resilience as well. We must recognize that land restoration requires long-term investment. These efforts not always show immediate returns, but the benefits for ecosystems and communities are huge in the long term,” said the minister.

He went on to add that another important step taken at COP29 was the launch of the Baku Harmonia Climate Initiative.

“This initiative focuses on empowering rural communities, women and youth. It aims to build climate resilient agriculture by enhancing cooperation between multilateral and national development banks. The main goal is to bridge funding gaps and support farmers in adapting to a changing climate by helping to prevent soil erosion and promoting sustainable farming practices,” said the minister.

Babayev pointed out that the full operationalization of Article 6 of the Paris Agreement was another achievement at COP29.

“This will unlock international carbon markets which can provide new financial opportunities for land restoration and forestry, attracting both public and private investments. In order to unlock the full potential of this financial mechanism, we must address key barriers. Creating a better environment for private sector involvement through policies, regulations and financial incentives is crucial. Public finance, including grants, subsidies and tax incentives, can help launch long-term restoration projects that provide both environmental and social benefits. Together we can transform the financial system to support the regeneration of our land, ensuring a sustainable and resilient future for all,” he concluded.

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