COP26’s First Major Deal
In the COP26 climate summit’s first major deal, on November 2, 2021, 100 world leaders are set to make promise to end and reverse deforestation by 2030.
Highlights
- Brazil will be among the signatories. In Brazil stretches of the Amazon rainforest have been cut down.
- The pledge includes around $19.2bn of public and private funds.
- This move has been welcomed by experts. However, they have warned that a previous deal in 2014 had “failed to slow deforestation at all”.
- Deforestation contributes to climate change as it depletes forests that absorb significant amounts of global warming gas CO2.
About COP26
COP26 is being hosted by UK Prime Minister Boris Johnson, in Glasgow. On November 2, 2021, he will sign a landmark agreement for protecting and restoring earth’s forests because forests are lungs of the earth.
Countries signing pledge
- The countries who will be signing the pledge include Brazil, Canada, Russia, China, Democratic republic of Congo and Indonesia. They cover about 85% of the world’s forests.
- 28 countries will also be committing to remove deforestation from global trade of food and other agricultural products like soya, cocoa and palm oil. These industries contribute to forest loss by cutting down trees for making space for crops to grow or animals to graze.
- More than 30 of the world’s biggest companies will commit to end investment in activities linked to deforestation.
Funds for protecting forest
- Countries will pledge for around $19.2bn of public and private funds.
- Out of this, some of the funding will go to developing countries for restoring damaged land, supporting indigenous communities and tackle wildfires.
- Another £1.1bn fund will be established for protecting second largest tropical rainforest of the world, in Congo Basin.
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Month: Current Affairs - November, 2021