The UNCCD COP17 underway in Ulaanbaatar has produced several concrete developments, including new financing mechanisms and investment commitments focused on land restoration.

$50 Million Green Finance Corporation

On August 20, the Mongolian Green Finance Corporation was officially launched with a $50 million foundational package. Backed by the Green Climate Fund, XacBank, the Development Bank of Mongolia, GGGI and private partners, the institution will operate as a wholesale lender, channeling long-term capital through commercial banks and non-bank financial institutions into areas including ger-district insulation, clean heating, energy-efficient housing and low-carbon technologies.

🤑 $1.29 Billion for Land Restoration Projects

UNCCD Executive Secretary Yasmine Fouad informed Prime Minister N. Uchral that COP17 processes have secured agreement to mobilize $1.29 billion for more than 60 projects across 23 countries focused on soil, pasture and drought. Mongolia is also using the conference to promote its “Steppe Plan” and “Sunny Mongolia Herder” programs, with the latter set to be developed as a model initiative in cooperation with the UNCCD secretariat.

🌿 Land Restoration and Peace

Beyond financing, more than 300 organizations from 45 countries have backed a civil society declaration calling for land restoration to be used as a tool for conflict prevention and peacebuilding. The initiative links land degradation, competition over natural resources, displacement and instability, and calls for stronger land governance, financing and community participation.

Finally, these are the key outcomes from COP17 so far. While the investment and funding commitments look promising on paper, the real test will be implementation, how effectively the pledged capital is deployed and translated into measurable results on the ground.