UNDP Insurance and Risk Finance Facility at UNCCD COP16

The sixteenth session of the Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification (UNCCD) will take place in Riyadh, Saudi Arabia from 2-13 December 2024 under the theme Our Land. Our Future.

As the largest-ever meeting of UNCCD's 197 Parties, COP16 is a landmark moment to raise global ambition and accelerate action on land restoration, drought resilience and sustainable water management.

Between 2015 and 2019, the world lost at least 100 million hectares of healthy land each year (UNCCD). Over half of the world’s pastures have been degraded due to overuse and climate change, threatening global food supplies and livelihoods. And despite the escalating impacts of climate change, global adaptation finance remains a fraction of what is needed to make countries, communities, and people more resilient.

Image: UNCCD 2023. Click to read the article.

By focusing on sustainable land management, climate-smart agriculture, and financial inclusion mechanisms, UNCCD COP16 in Riyadh will empower governments and communities to build financial resilience to these significant challenges.

Join UNDP’s Insurance and Risk Finance Facility (IRFF) at a range of discussions to accelerate financial resilience and inclusion strategies in partnership with governments and the insurance industry:

COP16 UNCCD Official High-Level Segment Event: Harnessing the Power of the Market

December 3rd, 15:00 to 16:30 GMT+3, Action Dome

This two-part event will spotlight financial and market mechanisms addressing land degradation and desertification. The first session will bring together experts and leaders to share insights on current initiatives, priorities, and efforts led by development organizations, multilaterals, international financial institutions and private entities to tackle these pressing climate challenges. Jan Kellett will join the panel to discuss the critical role of financial resilience, with a focus on insurance and Takaful solutions, in driving these efforts forward.

December 3rd, 16:00 to 16:30 GMT+3,  Action Dome Co-organized by UNDP and the Islamic Development Bank (IsDB) (Click to see the event page.)

The second part of this session will focus on the Global Takaful Alliance, an initiative of many partners to enhance the financial resilience of 100 million people in Muslim-majority communities through Takaful, an alternative to mutual insurance that is aligned with Islam. The session will highlight the Alliance's mission to address rising risks such as climate change, land degradation, drought and environmental challenges. It will also announce the founding members of the Alliance and launch a joint report with the Islamic Development Bank and the Islamic Development Bank Institute, titled ‘Building Climate Resilience through Takaful. Part 2: Developing Takaful Market Systems’, which provides key recommendations for scaling the Takaful market.

COP16 UNCCD Side-Event: Building Farming Communities’ Financial Resilience to Drought and Desertification (Click to see the event page.)

December 4th, 11:00 to 12:30 GMT+3,  UNDP Pavilion Co-organized by UNDP and the Islamic Development Bank (IsDB)

This side-event will showcase the urgent need to build financial resilience as a frontline defence against the intensifying threat of desertification, accelerating land degradation and compounding climate vulnerabilities. Experts from the development sector, private industry, and government will highlight collaborative approaches and evidence-based strategies to support smallholder farmers, rural communities and climate-sensitive businesses, with a focus on how agricultural insurance and Takaful, a Sharia-compliant alternative to mutual insurance, can combat the escalating threats of desertification and land degradation through public-private partnerships. The event will also present key highlights from the recently released UNDP, ISDB, ISDBI report, insuring a Sustainable Future: Building Climate Resilience through Takaful Part 2: Developing Takaful Market Systems which advocates for the creation of a global Takaful Alliance.

Relavant resources:

INSURING A SUSTAINABLE FUTURE: Building Climate Resilience Through Takaful

Land Degradation Neutrality for biodiversity conservation: How healthy land safeguards nature

Snapshot of Key Risks and Insurance Landscapes in 26 Countries

Advancing Smallholder Farmers’ Resilience and Adaptation to Climate Change