India Advocates for Sustainable Land Restoration

Summary of Key Points from UNCCD COP 17 Conference in Ulaanbaatar, Mongolia

International Conference:

• Event: United Nations Convention to Combat Desertification (UNCCD) 17th Conference of the Parties (COP 17).
• Location: Ulaanbaatar, Mongolia.

Key Highlights:

• Call for Financing: India emphasized the need for diverse, adequate, predictable, and sustainable international financing for land restoration and drought resilience.
• Ministerial Dialogue: Environment Minister Bhupender Yadav discussed innovative financial mechanisms for healthy land and drought resilience.

Financial Framework:

• Green Financing: Mentioned India's successful mixed green finance framework that supports climate adaptation, sustainable land use, forestry, agriculture, and biodiversity conservation.
• Investment Perspective: Yadav stated that land restoration should be viewed as an investment in food, water, biodiversity, livelihoods, and long-term resilience rather than a cost.

Public-Private Partnerships:

• Emphasis on the necessity of robust public-private partnerships in addressing desertification, land degradation, and drought beyond public budget allocations.

Sovereign Green Bonds:

• Highlighted the role of sovereign green bonds as a means to raise capital for land restoration, drought resilience, sustainable forestry, and other environmental priorities.

Green Credit Initiative:

• Introduced a market-based initiative (Green Credit) that enables public and private entities to finance the restoration of degraded forest land. Credits issued post-restoration (after five years) require achieving at least 40% forest cover density.
• Credits can be utilized for compensatory afforestation, legal plantation, or CSR obligations.

Compensation Mechanism:

• Discussion on India’s compensation mechanism directing payments received for land restoration towards compensatory afforestation and ecosystem restoration, integrating corporate financing within environmental regulatory processes.

Importance of Coordination:

• Emphasized the significance of coordinating mechanisms like the Green Credit Program and compensatory afforestation fund to integrate public and private finance with citizen participation.

Commitment to Sharing Experiences:

• India reaffirmed its commitment to share experiences, security measures, institutional arrangements, lessons learned, and areas needing improvement in land restoration and drought resilience strategies.

Evaluation of Financial Innovation:

• Yadav concluded that the success of innovative financing should be evaluated based on its effectiveness in reaching the ecosystems and communities that need it most, ensuring sustainable restoration and resilience.

Conclusion:

The conference underscored India's proactive stance in addressing global challenges related to land degradation and drought through innovative financial mechanisms and collaborative efforts, reflecting a commitment to sustainable environmental practices.