$355 billion needed annually to restore degraded lands - UN

According to the UN, $355 billion is needed annually to meet global land restoration commitments by 2030.

Total investment is currently around $77 billion, leaving an annual funding gap of $278 billion. Private sector funding accounts for just 6 percent of the total global land restoration funding.

Meanwhile, the Rangelands Restoration Initiative has been launched, with 45 projects worth $1.2 billion. This is the largest resource mobilization effort to support rangelands in the history of the Convention to Combat Desertification.

Governments, development banks, foundations and companies have also announced a $1.3 billion financing portfolio for projects in 23 countries across five continents, including projects at various stages of development. Of this amount, $644.5 million is new funding.

The UN says more than 70 countries now have national drought management plans. However, the amount of funding and practical action is not commensurate with the problem.

While up to 40 percent of land is degraded, countries have pledged to restore more than 1 billion hectares by 2030.