The organization says that around 3.2 billion people are affected by the consequences.

Experts estimate that $355 billion in annual investment is needed to combat land degradation and drought, while current investment stands at only about $77 billion.

This leaves an annual funding gap of $278 billion.

More than 70 countries have now developed national drought management plans, compared with just three countries in 2013. The UN says this reflects a growing understanding that drought risks need to be managed proactively rather than addressed only after they develop into humanitarian and economic crises.

Every dollar invested in building drought resilience can generate returns of up to $10, while the benefits of some nature-based solutions can be as much as 27 times greater than their costs, the UN notes.