LDN Fund addressed in meeting for implementation of Paris Agreement on Climate Change
Two key projects spearheaded by the UNCCD/GM in addressing desertification: the Land Degradation Neutrality (LDN) Fund; and the Great Green Wall for the Sahara and the Sahel Initiative (GGWSSI), were discussed during the meeting on the implementation of the Paris Agreement on Climate Change held between the Minister of Ecology, Sustainable Development and Energy of France and President of COP21, Ségolène Royal, Christiana Figueres, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) and Monique Barbut, Executive Secretary of the United Nations Convention to Combat Desertification (UNCCD), held in Bonn on 22 February 2016.
Discussions with the Executive Secretary of the UNCCD centred on two key projects spearheaded by the UNCCD/GM in addressing desertification
- The restoration of land and creation of 5 000 jobs in the countries of the Great Green Wall for the Sahara and the Sahel; and
- The LDN Fund and the financial support received from the French Government in the amount of EUR 400 000 for the development phase.
The Land Degradation Neutrality (LDN) Fund
The vision of the LDN fund is to make a substantial contribution to avoiding land degradation and financing rehabilitation of 12 million hectares of degraded land a year. The Fund is anchored on the SDG 15.3 target that aims to achieve a land degradation-neutral world by the year 2030. The Fund intends to finance bankable projects, developed on the basis of successful pilots with the potential for scaling up.
Initially, the Fund will focus on existing initiatives involving like-minded players in order to significantly increase the scale and impact of global efforts deployed towards the achievement of SDGs. Over time, the Fund will help to structure and finance new initiatives worldwide.
During the Paris COP held in December 2015, the Global Mechanism announced the partnership formed with Mirova, and the support expressed by Caisse des Dépôts Group and European Investment Bank. Both approve this ambitious initiative and have committed to accompany the structuring phase.
The first semester of 2016 is dedicated to the analysis of investment cases, refinement of the Fund structure, identification of investment schemes and securing public financing and anchor investors. The fundraising phase is expected to commence during the second half of 2016.
It is envisioned that the LDN Fund will become operational in late 2016.