The signatories are Brazil, the Democratic Republic of the Congo, Canada, Russia, China, Indonesia and Colombia, all of which are key countries to halt deforestation. Logging contributes to climate change, depleting the forests that consume about 30 percent. All carbon dioxide emissions contribute to global warming.
Under the agreement, more than 14 billion pounds (about 76.1 billion PLN) will be allocated to help developing countries stop and reverse deforestation, of which 8.75 billion will come from 12 highly developed countries, and 5.3 billion – from 30 private companies.
In addition, the governments of 28 countries will commit to deforestation from global trade in food and other agricultural products such as palm oil, soybeans and cocoa. These industries contribute to deforestation by cutting down trees to make room for animals to graze or crops. As part of the deal, more than 30 major global companies will pledge to stop investing in deforestation activities. A £1.1 billion fund will also be created to protect the world’s second largest tropical rainforest, the Congo River Basin.
Boris Johnson, UK Prime Minister, who co-hosted COP26, described the agreement as “groundbreaking”.
“Thanks to today’s unprecedented promises, we will have the opportunity to end humanity’s long history as the invaders of nature, and instead become its protector,” he said.
The agreement significantly extends a similar commitment made by 40 countries under the New York Declaration on Forests signed in 2014. It promised to halve tropical deforestation and restore 150 million hectares of forest by 2020, but experts show that the agreement has not reduced the pace of deforestation. Currently, every minute on Earth, the forest area is reduced by an area equal to 27 football fields.
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