Some 110 leaders accounting for more than 86% of the world's forests have committed to halt and reverse forest loss and land degradation by 2030, UK Prime Minister Boris Johnson said at the UN's Climate Conference of the Parties in Glasgow Nov. 2.
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Degradation of forestry and land by agriculture and industry is responsible for nearly 25% of global climate emissions, Johnson said.
"We have to stop the devastating loss of our forests if we want to keep 1.5 degrees warming in sight," he said.
Under the Glasgow Leaders' Declaration on Forests and Land Use, 12 donor countries have committed to provide $12 billion of public finance from 2021 to 2025 to a new Global Forest Finance Pledge, supporting action in developing countries.
In addition, at least $7.2 billion of private sector funding has been mobilized, a declaration statement said.
Countries signed up to the declaration included China, Russia and Brazil, Johnson said.
"What is most significant is not just the range of countries, but that we are working in partnership with the private sector ... to address the economic drivers of deforestation. Conservation must be right not just for the planet, but for our economies," he said.
There were parallels with the wider effort to reduce emissions.
"For years we discussed the commitments on coal, but what really mattered was the development of clean technologies with private sector investment," Johnson said.
A key deliverable at the COP26 talks is a rulebook on international carbon markets, boosting trust and transparency in the voluntary carbon credits that are beginning to support nature-based projects, including in forestry and land use.
S&P Global Platts CNC assessment of nature-based carbon credits reflects the value of the most competitive of these instruments that either avoid or remove greenhouse gas emissions.
The CNC was assessed at $9.65/mtCO2e Nov. 1, up 107% since it was launched on June 14.