Participating countries include Canada, Russia, Brazil, Colombia, Indonesia and the Democratic Republic of the Congo, all of which have large forests. Brazil in particular has come under fire in recent years for allowing the deforestation of the Amazon. The United States and China will participate in this agreement.
This agreement releases carbon dioxide (CO2) into the atmosphere when it enters the atmosphere or decomposes as a result of climate change, which represents about 11% of the world’s total carbon dioxide emissions.
Leaders will announce this during the COP26 session on forests and will provide 8.75 billion ($12 billion) for public defense and recovery with 5.3 billion ($7.2 billion) to provide for private investment. The chief executives of dozens of financial institutions, including Aviva, Schroeder and Axa, have also pledged not to invest in activities that could lead to deforestation.
“Today at COP26, leaders signed a historic agreement to protect and restore the world’s forests,” Johnson said in a statement.
“These great ecosystems – these churches of nature – are the lungs of our planet. Forests support communities, livelihoods, food distribution, and absorb the carbon we release into the atmosphere. They are essential to our survival.”
“With today’s unparalleled promises, there is an opportunity to end nature’s long history as nature’s conqueror and instead become its protector.”
The deal would reassure COP26, which failed to reach agreement on the timing of suspending coal use, especially after the G20 summit in Rome over the weekend failed to reach agreement on specific new climate safeguards.
This is a turning point after years of negotiations to protect the forest. Various measures have been put in place to prevent deforestation, including granting loans to people who wish to protect forests that can be traded in markets. These plans often met with fierce opposition, particularly in Latin America, where tribal groups and chiefs said the forests should be fully protected and not exploited.
Indonesian President Joko Widodo said in a statement that Indonesia is blessed with being the world’s carbon-rich country with its vast rainforests, swamps, oceans and beetroot. “We are committed to protecting these important carbon sinks and our natural capital for future generations.”
The Rainforest Foundation in Norway welcomed the agreement but said the funding should only go to countries that have shown results.
“This is the largest amount ever committed to forest financing, and it comes at a critical time for the world’s rainforests.
“With big money, there are great opportunities, but also great responsibilities. There is no time for baby steps. Therefore, only real and substantive actions by those who respect the rights of rainforest countries, indigenous peoples and local communities should be funded.”
There are some reasons to be vigilant when many of the former forest conservation projects arrive.
In a multi-year partnership, Norway agreed to send $1 billion to Indonesia. The deal was recently broken, with Norwegian donors saying they haven’t achieved any real results, while Indonesian officials have complained that the money has not been transferred.
CNN Angela Dewan wrote from London.
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