$12 billion donor support to halt and reverse forest loss
New public finance pledge from 12 countries to support ambitious forest-related climate action in developing countries.
12 countries from around the world have come together in Glasgow today (2 November) to pledge unprecedented levels of public finance for the protection, restoration and sustainable management of forests.
The comprehensive package of funding will help countries to deliver commitments under the Glasgow Leaders’ Declaration on Forest and Land Use, also announced today, through which over 100 leaders have committed to halt and reverse forest loss and land degradation by 2030.
The Global Forest Finance Pledge (GFFP) will support ambitious partnerships in developing countries that tackle the causes of deforestation. It will also scale up sustainable economic opportunities for many of the world’s poorest and most climate-vulnerable communities.
The $12 billion of climate finance will support activities including strengthening forest governance, supporting smallholder farmers to restore degraded land, strengthening land tenure systems, and mobilising private sector investment.
The UK will commit £1.5 billion over five years to support the forests pledge, including £350 million for tropical forests in Indonesia, £200 million for the LEAF Coalition, and up to £300 million intended for the Amazon.
Forests currently absorb around one-third of the global CO2 released from burning fossil fuels every year but we are losing them at an alarming rate – the equivalent to 27 football pitches every minute.
Lord Zac Goldsmith, International Environment Minister, UK said “Our global forests are absolutely fundamental if we are to limit global temperature rise to 1.5ºC, which is why this huge public finance commitment by the UK and our donor partners is so important.
The $12 billion commitment – the largest ever public climate finance pledge of its kind – will protect, restore and deliver sustainable management for forests, addressing the climate and biodiversity crises, providing targeted support for the regions like the Congo Basin and advancing and protecting the rights of Indigenous Peoples and Local Communities as forest guardians. It is a critical part of a broad and ambitious package of actions and commitments we are delivering at COP26 for the world’s forests.”
End.
Green Infrastructure Week curates’ content from the entire ecosystem around green infrastructure from government and NGOs to respected commentators.
Feel free to share this content with your social media community using #GreenInfrastructureWeek
During Green Infrastructure Week we will host a programme of live and exclusive free-to-attend webinars. Stay in touch with event updates by registering here.
