ULAANBAATAR — Drought-induced losses cost the global economy an estimated $307 billion annually. The UNCCD estimates the combined cost of land degradation, drought, and desertification to the global economy at $878 billion annually. Roughly $44 trillion of global GDP is moderately to highly dependent on natural capital, including healthy land.

Projections indicate that by 2050, three in four people worldwide are projected to be affected by drought. Rangelands make up more than half of the earth’s land surface and constitute 70% of Mongolia’s territory. These ecosystems provide 16% of the global food supply and 70% of livestock feed. Rangelands support the livelihoods of up to 500 million pastoralists.

The Riyadh Action Agenda will launch the Land & Soil Breakthroughs at COP17. The agenda will also launch a Community Platform to visualise progress towards conserving and restoring 1.5 billion hectares of degraded land by 2030. COP16 in Riyadh launched the Riyadh Action Agenda (RAA) in 2024.

The Riyadh Action Agenda has mobilized more than $2.9 billion for land conservation, restoration, drought and water resilience. Participating initiatives in the Riyadh Action Agenda have set mobilization goals of more than $130 billion for 2026 to 2030.

The COP Action Agenda on Regenerative Landscapes reported more than a fourfold increase in business investment between 2023 and 2025. Globally, every $1 invested in landscape restoration can create between $7 and $30 in economic benefits for local people. The UNCCD estimates that financing land conservation and restoration could generate up to $1.8 trillion annually.

Financing land conservation and restoration could generate employment for an additional 65 million people by 2030. Financing land conservation and restoration could result in a net gain of 37 million jobs by 2030.

A global consultation led by the WBCSD and mandated by the UNCCD Secretariat called for governments to create a coherent and stable policy environment, develop a long-term investment vision, and strengthen trusted accountability frameworks. Diane Holdorf is the Executive Vice President of the World Business Council for Sustainable Development. Mahmoud Mohieldin is the United Nations Special Envoy on Financing the 2030 Sustainable Development Agenda.

Why It Matters

The convergence of severe weather events in 2026 and the economic data shows the urgency of the talks in Ulaanbaatar. With drought-induced losses costing hundreds of billions annually and a large portion of global GDP dependent on natural capital, the outcomes of COP17 have direct implications for global economic stability. The launch of new platforms under the Riyadh Action Agenda aims to track progress toward restoring billions of hectares of land, a goal linked to both environmental sustainability and job creation.

The involvement of business leaders and UN envoys indicates the multi-sector approach required to address land degradation. The call for stable policy environments and accountability frameworks reflects the need for long-term investment certainty. As countries work toward national drought plans and restoration commitments, the mechanisms established at COP17 will determine how effectively global resources are mobilized to meet the 2030 targets.

Timeline

On December 17, 2014, the Independent Consultation and Investigation Mechanism: Annual Report 2014 noted that one of the most important milestones of 2014 was the approval of the new MICI Policy by the Bank's Board of Executive Directors. In 2024, COP16 in Riyadh launched the Riyadh Action Agenda (RAA).

In August 2026, several developments occurred. Leaders are gathering in Ulaanbaatar, Mongolia for COP17 of the UN Convention to Combat Desertification (UNCCD).

Governments and businesses across Europe, North America, parts of Africa, Asia, Latin America, and the Caribbean have contended with the impacts of severe drought and wildfires in 2026.

What's New

Additional reporting indicates that the seventeenth session of the Conference of the Parties (COP17) to the United Nations Convention to Combat Desertification (UNCCD) will be hosted by Mongolia in its capital city, Ulaanbaatar, from 17 to 28 August 2026. The UNCCD Executive Secretary Yasmine Fouad stated that over the past decade, countries have committed to restoring one billion hectares of degraded land by 2030, and more than 70 now have national drought plans. Reference material identifies Rangelands as a journal.

How Sources Differ

Sources differ on the specific hectare targets for land restoration. The Riyadh Action Agenda announcement states that the Riyadh Action Agenda will launch a Community Platform to visualise progress towards conserving and restoring 1.5 billion hectares of degraded land by 2030.