A multibillion-dollar deal has been agreed between world leaders at the COP26 summit to end, and begin to reverse, deforestation globally. The pledge is backed by $12bn in public funding and $7.2bn from private sources. The agreement has been endorsed by over 100 world leaders who together represent over 85% of the world’s forests, an area of 13 million square miles which encompass the eastern Siberian taiga, the Congo basin and the Amazon rainforest. Detail is currently lacking on exactly how money will be spent, however it is understood that the pledge does include some promise to empower and benefit indigenous communities to play a role in protecting forests.
The news was joined by a commitment by CEOs from over 30 financial institutions with over $8.7 trillion of global assets – including Aviva, Schroders and Axa – promising to cease any investment in activities that are linked to deforestation.
COP26 runs until the 12th November. You can keep up to date here: www.ukcop26.org/