# Over 100 global leaders pledge to end deforestation by 2030
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-11-02
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Global Leaders Pledge $19 Billion to Halt Deforestation by
Meta Description: Over 100 leaders commit to halting deforestation with a $19 billion fund. UK and US leaders call for urgent action. Forestry and climate crisis. Read more here.
URL: https://financedigest.com/over-100-global-leaders-pledge-to-end-deforestation-by-2030html

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By Jake Spring and Simon Jessop

GLASGOW (Reuters) -More than 100 global leaders have pledged to halt and reverse deforestation and land degradation by the end of the decade, underpinned by $19 billion in public and private funds to invest in protecting and restoring forests.

The promise, made in a joint statement issued late on Monday at the COP26 climate talks https://www.reuters.com/business/cop in Glasgow, was backed by the leaders of countries including Brazil, Indonesia and the Democratic Republic of Congo, which collectively account for 85% of the world’s forests.

The Glasgow [Leaders’ Declaration on Forest and Land](https://www.financedigest.com/copa90-owner-bigballs-media-lands-stellar-global-business-leaders-to-drive-ambitious-expansion-plans.html "Copa90 owner Bigballs Media lands stellar global business leaders to drive ambitious expansion plans") Use will cover forests totaling more than 13 million square miles, according to a statement released by 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 leader](https://www.financedigest.com/becoming-a-business-leader-how-cios-can-lead-digital-transformation.html "Becoming a business leader – how CIOs can lead digital transformation") Boris Johnson, calling it an unprecedented agreement.

U.S President Joe Biden said a new U.S. plan would “help the world deliver on our shared goal of halting [natural forest loss”](https://www.financedigest.com/global-economy-weathered-98bn-natural-hazard-loss-in-first-half-of-2016-according-to-aon-catastrophe-report.html "GLOBAL ECONOMY WEATHERED BN NATURAL HAZARD LOSS IN FIRST HALF OF 2016, ACCORDING TO AON CATASTROPHE REPORT") and restoring at least an additional 200 million hectares of forest and other ecosystems by 2030.

We’re going to work to ensure [markets recognize the true economic value](https://www.financedigest.com/dental-3d-printing-market-to-reach-an-estimated-value-of-us-2-9-bn-by-2031.html "Dental 3D Printing Market to Reach an Estimated Value of US$ 2.9 Bn by 2031") of natural carbon sinks and motivate governments, landowners and stakeholders to prioritize conservation,” Biden said.

A slew of additional government and private initiatives were launched on Tuesday to help reach that goal, [including billions in pledges](https://www.financedigest.com/citi-pledges-to-cut-emissions-for-more-sectors-including-coal.html "Citi pledges to cut emissions for more sectors including coal") for indigenous guardians of the forest and sustainable agriculture.

CLIMATE BUFFER

Forests absorb roughly 30% of [carbon dioxide emissions](https://www.financedigest.com/how-to-reduce-your-business-carbon-emissions-without-impacting-profit-margins.html "How to reduce your business’ carbon emissions without impacting profit margins"), according to the nonprofit World Resources Institute. The forests take the emissions out of the atmosphere https://graphics.reuters.com/CLIMATE-CHANGE/BRAZIL-CARBON/nmovabezapa and prevent them from warming the climate.

Yet this natural climate buffer is rapidly disappearing https://graphics.reuters.com/GLOBAL-DEFORESTATION/RAINFOREST/klvykzrbxvg/index.html. The world lost 258,000 sq km (99,600 sq miles) of forest in 2020, according to WRI’s deforestation [tracking initiative Global](https://www.financedigest.com/sp-global-acquires-firm-to-bolster-capability-to-track-commodity-shipments.html "S&P Global acquires firm to bolster capability to track commodity shipments") Forest Watch. That is an area larger than the United Kingdom.

Monday’s agreement vastly 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](https://www.financedigest.com/renault-to-reach-its-goal-on-integrated-electric-vehicles-chain-before-2030-ceo.html "Renault to reach its goal on integrated electric vehicles chain before 2030 -CEO").

Non-government organization [Global Witness said it was unclear how governments would be held accountable](https://www.financedigest.com/new-global-relationship-between-reckon-software-and-myfirmsapp-delivers-closer-interaction-between-accountants-and-their-clients.html "NEW GLOBAL RELATIONSHIP BETWEEN RECKON SOFTWARE AND MYFIRMSAPP DELIVERS CLOSER INTERACTION BETWEEN ACCOUNTANTS AND THEIR CLIENTS") for meeting the new pledge. National laws banning companies and [financial institutions](https://www.financedigest.com/what-financial-institutions-will-be-like-in-10-years.html "What Financial Institutions Will Be Like In 10 Years") from activities that fuel deforestation are needed, it said in a statement.

Under the agreement, 12 countries including Britain have pledged to provide 8.75 [billion pounds](https://www.financedigest.com/shell-to-evaluate-25-billion-pound-british-investments-after-windfall-tax.html "Shell to ‘evaluate’ 25 billion pound British investments after windfall tax") ($12 billion) of public funding between 2021 and 2025 to help developing countries, including in efforts to restore degraded land and tackle wildfires.

At least a further 5.3 billion pounds would be provided by [private sector investors](https://www.financedigest.com/the-vc-opportunity-breaking-down-barriers-for-private-investors.html "The VC opportunity: breaking down barriers for private investors ").

Brazil signed on to the agreement despite [soaring deforestation of the Amazon](https://www.financedigest.com/amazon-other-retailers-revamp-free-shipping-as-costs-soar.html "Amazon, other retailers revamp ‘free’ shipping as costs soar") rainforest under right-wing President Jair Bolsonaro.

Scientists fear destruction of the Amazon, the world’s largest rainforest, may push it beyond a point of no return https://www.reuters.com/investigates/special-report/climate-un-amazon-tipping-point, when it can no longer sustain itself and dries out into savanna. That would release massive amounts of greenhouse gas and be [catastrophic for the global](https://www.financedigest.com/september-tropical-cyclones-cost-global-economy-more-than-4bn-according-to-aon-catastrophe-report.html "September tropical cyclones cost global economy more than bn, according to Aon catastrophe report") climate.

COMMUNITY GUARDIANS

Brazil separately on Monday announced a more aggressive [target https://www.reuters.com/article/uk-climate-un-brazil-idUKKBN2HM2RY to end](https://www.financedigest.com/capgemini-comfortable-with-top-end-2022-targets-but-sees-demand-slowing.html "Capgemini ‘comfortable’ with top end 2022 targets but sees demand slowing") deforestation by 2028.

Gabon, also signed onto the agreement, [despite plans](https://www.financedigest.com/uae-plans-long-term-economic-ties-with-israel-despite-political-strains.html "UAE plans long-term economic ties with Israel despite political strains") to continue logging while using practices to reduce its greenhouse gas emissions https://www.reuters.com/business/environment/logging-help-climate-gabon-turns-its-rainforests-2021-11-02.

Five countries, including the Britain and United States, and a group of global charities on Tuesday also [pledged to provide $1.7 billion in financing](https://www.financedigest.com/g7-finance-leaders-pledge-financial-stability-supply-chain-diversity.html "G7 finance leaders pledge financial stability, supply chain diversity") to support indigenous people’s conservation of forests and to strengthen their land rights.

Environmentalists say that indigenous communities are the best protectors of the forest, often against violent encroachment of loggers and land grabbers.

More than 30 financial institutions with more than $8.7 trillion in [assets under management](https://www.financedigest.com/britains-post-brexit-asset-management-revamp-eyes-liquidity-tokenisation.html "Britain’s post-Brexit asset management revamp eyes liquidity, tokenisation") also said they would make “best efforts” to eliminate deforestation related to cattle, palm oil, soy and pulp production by 2025.

COP26 [aims to keep alive a target of capping global](https://www.financedigest.com/u-n-summit-aims-for-global-pact-to-protect-nature.html "U.N. summit aims for global pact to protect nature") warming at 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial levels. Scientists say [forests and so-called nature-based solutions will be vital to reaching](https://www.financedigest.com/how-mixing-farms-with-forests-can-help-the-uk-reach-net-zero.html "How mixing farms with forests can help the UK reach net zero") that goal.

Woodlands have removed about 760 million tonnes of carbon every year since 2011, offsetting about 8% of carbon dioxide emissions from fossil fuels and cement, according to the Biomass Carbon Monitor project [backed by data analytics firm Kayrros and French research institutions](https://www.financedigest.com/institutional-investors-back-shell-board-lawsuit-over-climate-risk.html "Institutional investors back Shell board lawsuit over climate risk").

“Our biosphere is really helping bail us out for the time being, but there is no guarantee those processes will continue,” said Oliver Phillips, an ecologist at the United Kingdom’s University of Leeds.

($1 = 0.7312 pound)

(Reporting by Jake Spring, Simon Jessop, Elizabeth Piper and Jeff MasonEditing by Matthew Lewis and Jon Boyle)


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