COP17 in Mongolia wraps up with 1.3 billion dollars of Green Investment Pledge

As much as 40% of land on the planet is turning into a desert and 3.2 billion people already suffer the consequences. UN Convention to Combat Desertification met for another COP conference in the capital of Mongolia, Ulaanbaatar. Mongolia itself is severely hit by desertification with 77% of its territory affected and Gobi desert spreading. From  the beginning the organisers appealed to the delegations of the 197 signatories of the convention to go beyond declarations and find tangible solutions for the programs to make land green. 

Big financial institutions like the World Bank Group, Development Banks of Asia, Africa etc, were invited and held negotiations with governments. Eventually, 1.3 billion package for 23 projects across 5 continents was announced. Some of the other major developments during the conference were the first meeting of the mayors from many cities who asked to be included in implementing the solutions and creation of the world’s first global catalytic financing platform dedicated to drought resilience, aiming to mobilize up to $400 million to transition countries from reactive responses to proactive preparedness.