Abu dhabi: The Asian Development Bank (ADB), in collaboration with its partners, announced the launch of the Financing Investments and Eradicating Land Degradation and Desertification (FIELD) Initiative. This regional partnership aims to attract investments amounting to at least $2 billion by 2035 to support programs that restore lands and enhance drought resilience across Asia and the Pacific.
According to Emirates News Agency, the FIELD Initiative was unveiled during a ministerial dialogue at the 17th Session of the Conference of the Parties (COP17) to the United Nations Convention to Combat Desertification (UNCCD) in Ulaanbaatar, Mongolia. The initiative is set to aid countries in designing, financing, and implementing land restoration projects. It will incorporate innovative finance approaches, including derisking structures, blended finance, and capital market instruments, to stimulate private investment.
The necessity for such an initiative arises from worsening conditions such as drought, soil erosion, and unsustainable land use, which are degrading dryland ecosystems that support over 40% of the region's population. These issues pose threats to agricultural production, biodiversity, and resilience. A significant gap in financing for sustainable ecosystem management and restoration is growing, notably for rangelands that cover 54% of the world's land surface and store up to 30% of global soil carbon.
FIELD aims to bring about 1 million hectares of land under sustainable management by 2035, addressing degradation and bolstering food and water security. Additionally, the initiative will provide grants and technical assistance to assist ADB's developing member countries in forming policies on sustainable capacity development and establishing a knowledge platform.
This initiative is part of a broader effort under the Nature Solutions Finance Hub, an ADB-led platform designed to scale nature-positive investments in Asia and the Pacific. FIELD aligns with ADB's Environment Action Plan and its commitment of $40 billion by 2030 to transform food systems across the region.