COP16 in Riyadh: Minister Babayev notes Baku’s progress at COP29 on tackling land degradation

Azerbaijani Minister of Ecology and Natural Resources, Mukhtar Babayev, has underlined significant progress made at COP29 in Baku in addressing the critical issues of land degradation, desertification, and droughts.

He highlighted these advancements during his speech at the Ministerial Dialogue on Financing for Land Restoration and Drought Resilience at COP-16 in Riyadh, Saudi Arabia, on December 3, Caliber.Az reports, citing local media.

According to the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES), land degradation, desertification, and droughts cause an estimated annual global economic loss of around $10 trillion. These challenges impact ecosystems, food security, and the well-being of communities worldwide.

“During COP29 in Baku, we achieved significant progress in tackling these challenges. One of the key milestones was the activation of the Loss and Damage Fund, which will provide essential financial support to countries most affected by climate change, including droughts,” Babayev said. “This fund is a major step forward in addressing climate-related losses and damages, helping vulnerable communities cope with the consequences of land degradation.”

Minister Babayev also noted another major achievement at COP29: a historic agreement on a new climate finance target for the countries most vulnerable to climate change. Under this agreement, financing for developing nations will be tripled from $100 billion per year to $300 billion by 2035, with $1.3 trillion mobilized annually from both public and private sources.

“This is a crucial phase in scaling up efforts to restore lands and enhance resilience to droughts. We must acknowledge that land restoration requires long-term investment. These projects may not yield immediate results, but their benefits for ecosystems and communities in the long run are immense,” he stressed.

Additionally, the Baku Harmoniya Climate Initiative was launched at COP29, which aims to support rural communities, women, and youth. The initiative focuses on developing climate-resilient agriculture through enhanced cooperation between multilateral and national development banks. It aims to address the financing gap and assist farmers in adapting to changing climate conditions by preventing soil erosion and promoting sustainable agricultural practices.

The Minister also highlighted the full implementation of Article 6 of the Paris Agreement as a significant achievement at COP29. “This will open access to international carbon markets, offering new financial opportunities for land restoration and forestry, attracting both public and private investment,” Babayev explained.

For these financial mechanisms to reach their full potential, Babayev emphasized the need to eliminate key barriers and create favourable conditions for private sector participation through policies, regulations, and financial incentives.

According to him, public financing, including grants, subsidies, and tax incentives, will also play a critical role in launching long-term land restoration projects that will deliver both environmental and social benefits.

“Together, we can transform the financial system to support the restoration of our lands and ensure a sustainable and resilient future for all,” Babayev concluded.

Notably, the sixteenth session of the Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification (UNCCD) is taking place in Riyadh, Saudi Arabia, from December 2 to 13, 2024. The conference seeks to address the urgent global crises of land degradation, drought and desertification.

The UN’s COP16 unites leaders from governments, the private sector, civil society, and global stakeholders to accelerate progress in sustainable land management. Action at the Riyadh COP is the only way to turn the tide on the loss of fertile land globally. The COP16 conference is poised to be a watershed moment, marking a new global commitment to accelerate investment and action to restore land and build drought resilience for the benefit of people and the planet.

To recall, the UN's COP29 climate change conference, hosted in Baku, was hailed as a critical milestone in international climate negotiations, addressing long-standing issues and making significant strides. One of the key outcomes was the resolution of Article 6 of the Paris Agreement, which had stalled for nearly a decade. This breakthrough enables the operationalization of carbon markets, allowing for more efficient transnational climate actions, such as building wind farms and decommissioning coal plants.

Additionally, the conference focused on increasing financial support from developed nations to assist developing countries in tackling climate issues. A key decision was made to boost annual contributions to climate financing from $100 billion to at least $300 billion. 

By Khagan Isayev