Our Approach to Drought and Wildfire Is Economically Backwards

This year, governments and businesses across Europe,North America and parts of Africa, Asia, Latin America, and the Caribbean have been contending with the impacts of severe drought and wildfires. Every year, drought-induced losses alone cost the global economy an estimated $307 billion. Yet one of the assets that could make economies more resilient remains dangerously underfunded: healthy land.This week, leaders gathering in Ulaanbaatar, Mongolia for COP17 of the UN Convention to Combat Desertification (UNCCD) will have an opportunity to change that. What happens on Mongolia’s vast rangelands—and in degraded landscapes around the world—matters far beyond the environment. It is increasingly central to food and water security, supply chains and economic stability. In other words, the soil beneath our feet is essential to protecting livelihoods and economies from growing shocks.The economic opportunity is significant. The UNCCD estimates that financing land conservation and restoration could generate up to $1.8 trillion annually, driven by strengthened agricultural and supply chain resilience, new revenue opportunities, and mitigated physical risks like drought-related losses. It cou...