100 leaders pledge to end deforestation at COP26
In the biggest step forward in protecting the world’s forests in a generation, more than 100 leaders will commit to halt and reverse forest loss and land degradation by 2030 at an event convened by the Prime Minister at COP26 today. The pledge is backed by almost £14 billion ($19.2 billion) in public and private funding.
Countries spanning from the northern forests of Canada and Russia to the tropical rainforests of Brazil, Colombia, Indonesia and the Democratic Republic of the Congo will endorse the Glasgow Leaders’ Declaration on Forest and Land Use. Together, they contain 85% of the world’s forests, an area of over 13 million square miles.
Forests are the lungs of our planet, absorbing around one-third of the global CO2 released from burning fossil fuels every year, but we are losing them at an alarming rate. An area of forest the size of 27 football pitches is lost every minute. The commitment will be supported by a pledge to provide £8.75bn ($12bn) of public finance from 12 countries, including the UK, from 2021 – 2025. This will support activities in developing countries, including restoring degraded land, tackling wildfires and supporting the rights of indigenous communities.
This will go alongside at least £5.3 billion ($7.2 billion) of newly-mobilised private sector funding. CEOs from more than 30 financial institutions with over $8.7 trillion of global assets – including Aviva, Schroders and Axa – will also commit to eliminate investment in activities linked to deforestation.
Information Source: Read More
Oil and gas, press , | Energy, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar