More than 100 global leaders pledged during the 26th Conference of the Parties (COP26) climate talks on Monday to put an end and reverse deforestation and land degradation by 2030.
Likewise, more than 30 financial institutions pledged during the summit that they would put their best efforts into stopping deforestation related to cattle, palm oil, soy, and pulp production by 2025.
The Glasgow Leaders’ Declaration on Forest and Land Use was finalized during the summit in Glasgow, Scotland, with statements from leaders of Brazil, Indonesia, and the Democratic of the Congo. Part of the agreement stated that 12 countries, including the United Kingdom, have pledged to provide nearly $12-billion of public funding between 2021 to 2025 to help developing countries restore degraded land and combat wildfires.
“We will have a chance to end humanity’s long history as nature’s conqueror, and instead become its custodian,” UK prime minister Boris Johnson said in a statement to international outlets.
30 private companies, including Aviva, Schroders, and AXA pledged 5.3-billion pounds to the cause. The companies also promised to stop investing in activities linked to deforestation by 2025. Five countries, including the UK and the United States, along with a group of global charities, pledged to provide $1.7-billion to finance indigenous peoples’ conservation efforts and strengthening of their land rights.
The Philippines was not part of the declaration.
Philippines presses for $100-billion climate financing
Meanwhile, the 19-person delegation from the Philippines at the Glasgow summit said that they will demand industrialized nations to fulfill their promise to mobilize $100-billion in climate financing to help developing countries mitigate and adapt to climate-related disasters.
This amount is supposed to finance developing countries each year until 2025, as part of the delegation’s commitment to “demand greater accountability from Western countries that contribute and continue to contribute the most GHG (greenhouse gas) emissions.” This is one of the most salient negotiation points during the ongoing conference.
The COP26 in Glasgow will run from October 31 to November 12. World leaders will be discussing how to achieve climate goals, such as capping global warming at 1.5 degrees Celsius above pre-industrial levels. Other goals include reducing carbon emissions to a net zero by 2050.