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Over 100 global leaders from countries accounting for more than 85 per cent of the world’s forests have pledged to stop and reverse deforestation and land degradation by 2030 at the Glasgow Leaders’ Declaration on Forests and Land Use. The pledge is underpinned by close to $20 billion in public and private funds to invest in protecting and restoring forests.
The joint statement at the COP26 climate talks in Scotland’s Glasgow will cover forests totaling more than 13 million square miles, according to a statement from the UK prime minister’s office on behalf of the leaders.
“We will have a chance to end humanity’s long history as nature’s conqueror, and instead become its custodian,” said British Prime Minister Boris Johnson, terming it an unprecedented agreement.
Over 100 global leaders from countries accounting for more than 85 per cent of the world’s forests have pledged to stop and reverse deforestation and land degradation by 2030 at the Glasgow Leaders’ Declaration on Forests and Land Use. The pledge is underpinned by close to $20 billion in public and private funds to invest in protecting and restoring forests.
Several government and private initiatives were launched today to help reach that target.
Twelve countries, including the United Kingdom, have pledged to provide 8.75 billion pounds ($12 billion) of public funding between 2021 and 2025 to help developing countries, including in efforts to restore degraded land and tackle wildfires.
In addition, 12 country and philanthropic donors pledged at least $1.5 billion (£1.1 billion) to protect the forests of the Congo Basin. This is the area home to the second-largest tropical rainforest in the world, which is critically important to global efforts to address climate change as well as to sustainable development in the region.
At least a further 5.3 billion pounds would be provided by more than 30 private sector investors including Aviva, Schroders and AXA. The investors, representing $8.7 trillion in assets under management, also pledged to stop investing in activities linked to deforestation by 2025.
Five countries, including the United Kingdom and the United States, and a group of global charities also pledged to provide $1.7 billion in financing to support indigenous people’s conservation of forests and to strengthen their land rights.
More than 30 financial institutions with more than $8.7 trillion in assets under management also said they would make ‘best efforts’ to eliminate deforestation related to cattle, palm oil, soy and pulp production by 2025.
Monday’s agreement expands a similar commitment made by 40 countries as part of the 2014 New York Declaration of Forests and goes further than ever before in laying out the resources to reach that goal.
COP26 aims to keep alive a target of capping global warming at 1.5 degrees Celsius above pre-industrial levels.
Fibre2Fashion News Desk (DS)
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