The Cooperative and Agricultural Credit Bank (CAC Bank), represented by the Acting Chairman of the Board and CEO, Mr. Hashid Al-Hamdani, participated in the 16th session of the United Nations Convention to Combat Desertification (UNCCD) Conference of the Parties, held in Riyadh, Saudi Arabia, from December 2 to 13, 2024.

The Conference of the Parties was established under the United Nations Convention to Combat Desertification as the main decision-making body. It includes all 196 parties to the convention (197 including the European Union) and is responsible for guiding the convention to address global challenges and national needs.

The 16th session of the Conference of the Parties is the first major UN conference hosted by Saudi Arabia and the first to be held in the Middle East and North Africa region, which is directly affected by the consequences of desertification, land degradation, and drought. This year, the conference also coincides with the 30th anniversary of the establishment of the United Nations Convention to Combat Desertification.

Mr. Hashid Al-Hamdani emphasized that the 16th COP will play a historic role in raising global ambition to combat land degradation and drought, primarily focusing on human-centered solutions.

He added that sustainable financing allows banks, financial institutions, and funds to provide funding for projects aimed at reducing carbon emissions and promoting renewable energy. It also enables banks to collaborate with governments and NGOs to strengthen environmental policies and offer financial support for sustainable initiatives.

During the conference, collective actions are expected to be taken by the participating countries to accelerate the restoration of degraded lands, prepare for drought events, and ensure that land continues to provide climate solutions and safeguard biodiversity.

CAC Bank’s participation in the conference is significant as it is a Yemeni government bank specializing in the agricultural sector. The bank will play an important role in achieving climate goals by receiving financial and technical support for initiatives aimed at addressing climate change from governments, funds, and international organizations, which will be adopted for Yemen.