Deforestation focus of first major announcement from climate summit COP26

More than 100 countries commit to stop deforestation by 2030, and financial institutions with US$8.7 trillion of assets commit to eliminate investment in deforestation-linked activities

Today, world leaders representing over 85 percent of the world’s forests commit to halt and reverse deforestation and land degradation by 2030 under the Glasgow Leaders Declaration on Forests and Land Use. Governments and private actors pledge U$19.2bn of funds to protect and restore forests, with US$12bn coming from public sources alongside $7.2bn of private financing. The announcement marks the first major new commitment made at the climate summit COP26 currently taking place. Alongside the Leaders Declaration, CEOs from more than 30 financial institutions with over US$8.7tn of global assets commit to eliminate investment in activities linked to deforestation.

The new commitments from governments and the private sector give nature-based solutions far more prominence than it has had during previous climate summits.

“COP26 has begun with an ambitious and far reaching statement from world leaders putting nature and forests centre stage. Covering 85% of the world’s forests, it crucially also includes consumer economies like China and the EU that drive so much deforestation. Indigenous peoples are at the table, with funding for their vital role in protecting forest, so long ignored. Today’s declarations also show private finance stepping up – but will still require a major shift from companies and investors to deliver on these commitments. History tells us there is much work to be done to ensure nations and companies follow through on their promises. But it’s quite a start.”

Niki Mardas, Global Canopy Executive Director

Previous deforestation pledges from governments, notably the 2014 New York Declaration on Forests, have disappointed in practice, but the new pledge made today differs from previous agreements. 105 countries have joined, and most importantly, the pledge includes the key forest nations Brazil, the Democratic Republic of the Congo, Indonesia and Russia, as well as China and Europe, main consumers of forest-risk commodities. Indigenous peoples and local communities are at the table. Private financial institutions are stepping up alongside governments. Better data and tracking is available to ensure accountability.

The momentum for forests continues at COP26 during Finance Day. Join us:

• Eliminating Commodity-Driven Deforestation: Finance Sector Roadmap | launched by the Finance and Deforestation Advisory Group
  3 November, 12:45 (GMT) | Nature Positive Pavilion
  Live stream will be available from the Nature4Climate YouTube channel

• Fixing finance from the ground up: Making Indigenous voices count in the fight to stop deforestation | in partnership with Global Witness
  3 November, 16:00 (GMT) | Science Show Theatre
  Live stream will be available from this page

View the full list of Global Canopy’s events at the climate summit at our COP26 Event Hub.