Major Victory At COP26 As Over 100 Countries Sign Pledge To End Deforestation By 2030 & Begin Reforesting

In COP26 climate summit’s first major deal, the leaders of more than 100 countries that account for more than 86% of the world’s forests have announced their commitment to work together to halt deforestation and reverse forest loss and land degradation by 2030. 

The United States, United Kingdom, Canada, Brazil, Russia, China, Indonesia, and the Democratic Republic of the Congo are among some of the countries that have signed this historic pledge.

A total of 12 donor countries pledged to provide $12 billion U.S. dollars of public climate finance from 2021 to 2025 to a new Global Forest Finance Pledge. This will support action in developing countries, including restoring degraded land, tackling wildfires, and advancing the rights of Indigenous Peoples and local communities.

In addition, 12 country and philanthropic donors pledged at least $1.5 billion to protect the forests in the Congo Basin. This area is home to the second-largest tropical rainforest in the world, which is critically important to global efforts to address climate change, as well as sustainable development in the region.

At least $1.7 billion from 2021 to 2025 was pledged by 14 country and philanthropic donors to advance Indigenous Peoples’ and local communities’ forest tenure rights and support their role as guardians of forests and nature.

In addition, at least $7.2 billion of private sector funding has been mobilized.

CEOs from more than 30 financial institutions, with over $8.7 trillion of global assets, have committed to eliminate investment in activities linked to agricultural commodity driven deforestation, alongside the billions of private finance generated to support the forest economy through three flagship initiatives.

The Lowering Emissions by Accelerating Forest Finance Coalition (LEAF) exceeded its target of $1 billion in public-private commitments. LEAF will provide finance to tropical and subtropical countries that successfully reduce emissions from deforestation and degradation. Private finance will be provided only by companies already committed to deep emissions cuts in their own supply chains, in line with science-based targets. This is expected to become one of the largest ever public-private efforts to protect tropical forests and support sustainable development.

Nine multilateral development banks have also launched a joint statement outlining the actions that they will take to mainstream nature into their policies, analysis, assessments, advice, investments, and operations.

A total of 28 governments, representing 75% of global trade in key commodities that can threaten forests, have signed a new Forest, Agriculture, and Commodity Trade (FACT) Statement. This statement is part of a roadmap of actions designed to deliver sustainable trade and reduce pressure on forests.

In addition, 10 of the largest companies managing over half of global trade in key forest-risk commodities such as palm oil and soy have announced that by COP27, they will lay out a shared roadmap for enhanced supply chain action consistent with a 1.5 degree Celsius pathway.

These outcomes demonstrate how action on forests and land-use can contribute to keeping the 1.5 degree temperature goal in sight, to supporting sustainable livelihoods, and meeting shared promises on adaptation and finance.

Although deals such as these made at COP26 are promising, it is known that many agreements in the past have failed. Therefore, it’s imperative for citizens to hold their leaders accountable moving forward to ensure that they keep their word.

For a full list of countries making the pledge to stop deforestation, CLICK HERE!