The finance will also support activities including strengthening forest governance, supporting smallholder farmers to restore degraded land, strengthening land tenure systems, and mobilising private sector investment.
The UK will commit £1.5 billion over five years to support the forests pledge, including £350 million for tropical forests in Indonesia, £200 million for the LEAF Coalition, and up to £300 million intended for the Amazon.
Lord Zac Goldsmith, International Environment Minister, said: ‘Our global forests are absolutely fundamental if we are to limit global temperature rise to 1.5ºC, which is why this huge public finance commitment by the UK and our donor partners is so important.
‘The $12 billion commitment – the largest ever public climate finance pledge of its kind – will protect, restore and deliver sustainable management for forests, addressing the climate and biodiversity crises, providing targeted support for the regions like the Congo Basin and advancing and protecting the rights of Indigenous Peoples and Local Communities as forest guardians. It is a critical part of a broad and ambitious package of actions and commitments we are delivering at COP26 for the world’s forests.’
Jonas Gahr Støre, Prime Minister of Norway added: ‘We must work for an improved global framework for climate investments. To ‘keep 1.5 degrees alive’ we have to halt forest loss this decade.
‘Tropical forest countries need more international support and incentives to transform their land use policies. Norway will continue and further develop its International Climate and Forest Initiative at high levels until 2030, and we’re excited to be part of a growing coalition of donors and companies mobilizing to reduce deforestation and enable a just rural transition. I am particularly pleased that we are joining forces to secure indigenous peoples’ rights and increase the recognition of their role as forest guardians.’
Photo by Geran de Klerk