The United Nations Convention to Combat Desertification and Luxembourg launched the Drought Resilience Investment Facility at the UNCCD COP17 conference in Ulaanbaatar on August 28.
The facility aims to mobilize up to $400 million in public and private capital for projects involving water security, sustainable agriculture, land restoration and nature-based solutions.
The conference also advanced a proposed pooled fund intended to help around 70 low- and lower-middle-income countries build drought resilience. A separate portfolio announced at the meeting includes $1.3 billion in finance across 23 countries, though only $216.4 million was confirmed and moving toward implementation.
UNCCD said drought negotiations will continue at the next conference. The lasting test will be whether these plans bring money and practical support to communities managing dry land and scarce water.
