Global drought costs over $300 billion annually, UN warns

The United Nations warned Tuesday that global drought costs the world over $300 billion annually, calling for investment in nature-based solutions.

This came in a report launched by the UN Convention to Combat Desertification (UNCCD) at the 16th Conference of the Parties (COP16) in Riyadh, Saudi Arabia.

The world "needs US$ 1 billion daily to combat desertification, land degradation and drought between 2025 and 2030," the report said.

It warned that drought, which is primarily caused by the "human destruction of the environment," will affect "three in four people worldwide" or 75% of the world population by 2025.

"To protect lives and livelihoods, we must significantly increase investments in land restoration," said UNCCD Executive Secretary Ibrahim Thiaw.

The report suggested that solutions to the drought lie in investment in "nature-based solutions" such as "reforestation, grazing management, and the management, restoration and conservation of watersheds."