Global Drought Crisis Costs Over $300 Billion Annually
The United Nations has reported that drought costs the world more than $307 billion each year, a figure expected to rise significantly as climate change worsens, Arab News reported yesterday.
The alarming findings were presented during the ongoing 16th session of the Conference of the Parties (COP16) in Riyadh, Saudi Arabia, where global leaders are discussing strategies to combat desertification.
The report highlights that by 2050, drought is projected to impact 75% of the global population, driven largely by human-induced environmental degradation. Countries like Ecuador, Brazil, Namibia, and Malawi are already experiencing severe droughts, leading to devastating fires and acute food and water shortages.
UN officials emphasize the necessity for a daily investment of $1 billion from 2025 to 2030 to effectively address desertification and drought. They advocate for “nature-based solutions,” including reforestation and watershed management, to mitigate the economic and social impacts of drought, which extend beyond agriculture to affect entire supply chains and human security.
As COP16 discussions continue, the UN urges world leaders to recognize the preventable costs of drought and to prioritize sustainable land and water management to foster resilience in vulnerable communities.
