On the 7th of November (2022), the world leaders at COP27 have committed to halting and reversing forest loss and land degradation by 2030.
World leaders at COP27 have committed
to halting and reversing forest loss and
land degradation by 2030.
The partnership involves the EU as well as 26 other participating countries, who account for 33% of the world’s forests, are set to launch the FCLP. As they collectively own 60% of the world’s GDP, these countries have the finances to reach this new target.
COP26 had already seen the launching of the Glasgow Leaders Declaration for Forests and Land Use, and this new partnership is set to expand on this, to fight against the impact of climate change as previously promised.
If successful, by 2030, the partnership should produce 10% of the climate mitigation that was agreed on within the Paris Agreement.
The UK has declared that it will triple its spending on climate adaptation from 2019, to £1.5 billion in 2025. This financing is part of the UK’s wider spending for international climate finance, which is due to reach £11.6 billion.
As part of the Climate Investment Fund, Prime Minister, Rishi Sunak has announced that the UK will put £65 million into the nature pillar. This funding will place indigenous people and local communities at the heart of forest protection.
A new programme is also in the pipeline which will see the UK Government put £90 million toward protecting and supporting the Congo Basin, which is known to be an important carbon sink, as well as being home to endangered species and 10,000 species of tropical plants.