However even this deal is questioned by the majority of climate change activists who in large part have viewed the summit as a failure and another milestone missed to end serious catastrophe. This view is not shared with the Biden administration and other global leaders who are committed to achieving success in carbon emission reduction, to this effect
$19.2 billion of public and private funds have been allocated to the efforts of ending deforestation.
The funding achieved has set the aim for 2030 to be an aggressive but completely realistic solution to one major pillar in stopping climate change. There is good reason to be skeptical and vigilant. It was only seven years ago that a similar solution promised goals of ending deforestation and protecting the Earth’s forests.
The New York Declaration on Forests was a voluntary and legally non binding agreement in 2014 that aimed to half deforestation by 2020 and end it by 2030 (BBC). This declaration had 40 countries as signatories, but had crucial countries missing in the signing like Brazil and Russia which account for a large portion of the world’s forests. Russia for instance has one fifth of the planet’s trees which capture 1.5 billion tones of carbon annually. While the declaration aimed for ambitious goals the reality of the recent years have been disastrous for the well-being of the planet’s trees and the capture of carbon from the atmosphere.
Currently an area of forests the size of 27 football pitches is lost every minute (BBC). This scale of deforestation is untenable and has created a drastic momentum of warming that is predicted to result in a 2.7 celsius change resulting in serious climate catastrophe (UN).
Fund or Forget?
The uncertain future of
our planet’s forests
In the past month more than 100 world leaders have promised to end and reverse deforestation by 2030. This was the first major deal in the COP26 summit and as the summit has developed it seems to have been the major deal that can be materialized to reality.
A history of successful
Looking back at the destruction of forests throughout the late 2010s we are now confronted with the ever present risks of futures with forgotten forests and global inaction. That is why
Brazil, Russia, China, Indonesia, the US an all together combination of 85% of earth’s forests have pledged to reverse their actions, to be true to the treaties aim and with the backing of billions of dollars in funding to achieve a monumental task in the effort to curb and stop climate change.
The issue of climate change and the solutions to solve them rely firmly on nation’s commitments to their global responsibilities. Brazil uniquely has the history of successful reforestation campaigns and have already created an infrastructure to enforce anti deforestation measure, but instead choose to not use that power due to political opinions. While it is fair to criticize the measures of the Brazilian government in recent years it is also fair to reflect on all of our own responsibilities which we choose to neglect.
Private sector businesses and individual market choice plays a crucial role in the mechanism that has allowed the climate crisis to arise. To achieve success in breaking apart these systems and build a new sustainable and green world we need to all act together.
Pact Capital works with companies across various industries to help facilitate and transition them to a cleaner and more sustainable business. If you are looking to take a new step for your company or business to form sustainable practices and achieve net neutrality contact us.