In total, 12 countries have pledged to mobilize more than $ 12 billion in donor support to stop and reverse deforestation around the world, while protecting human rights.
The pledge was made on the second day of the World Leaders’ Summit at COP26 and commits countries to providing huge amounts of public funding, all geared towards protecting and restoring forests.
The funding envelope totals over $ 12 billion, with the UK pledging to provide £ 1.5 billion over the next five years. This includes £ 350million for tropical rainforests in Indonesia, £ 200million from the LEAF Coalition and £ 300million which will go to reforestation in the Amazon region.
Lord Zac Goldsmith, UK Minister for International Environment, said: “Our global forests are absolutely fundamental if we are to limit global temperature rise to 1.5 ° C, which is why this huge public funding commitment from the UK and our donor partners is so important.
“The $ 12 billion pledge – the largest ever public finance commitment of its kind – will protect, restore and ensure sustainable management of forests, by addressing climate and biodiversity crises, by providing targeted support to regions like the Congo Basin and advancing and protecting the rights of indigenous peoples and local communities as stewards of the forest. This is an essential part of a broad and ambitious set of actions and commitments that we are implementing at COP26 for the world’s forests.
The Global Forest Finance Promise (GFFP) builds on the pledge made last night by world leaders to end deforestation and reverse land degradation.
World leaders representing more than 100 countries, which together are home to over 85% of the world’s forests, made the joint pledge, which has been described as a “historic moment” for nature and, on its day. launch, has already garnered pledges of financial support of £ 8.75bn from national governments and £ 5.3bn from the private sector. The UK government is providing £ 1.5 billion to the initiative.
Under this pledge, nations commit to ending deforestation and land degradation by 2030 and entering a period of restoration by then if possible.
Funding will be prioritized to developing countries, supporting projects that restore land degraded by land use change for agribusiness, other business activities, floods, drought and forest fires. Funds will also be provided for initiatives to ensure respect for the rights of indigenous communities. It is estimated that around 80% of the world’s biodiversity is concentrated in areas where indigenous communities are based.
The $ 12 billion funding commitment will support activities that improve land and forest governance, help smallholder farmers restore degraded land, and leverage private sector investment.
In addition, 11 donor countries will work with the Bezos Earth Fund to launch a Joint declaration on support for the forests of the Congo Basin. This includes initial financial support of £ 1.1 billion to the region, which is home to the world’s second largest rainforest and the world’s largest carbon sink, providing half of all rainfall in Africa.
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