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Last year’s pledge off to a slow start – The Daily Star

One year after more than 140 countries pledged to halt all deforestation by 2030, little has been done to finance protections or pass new conservation laws, experts say.
The pledge was praised widely at last year’s COP26 climate summit, particularly as Brazil, Indonesia and Congo all signed on. The three countries together comprise more than half of the world’s tropical rainforests.
“What became of those pledges? Are we on track to meet them? The short answer … is no,” said Erin Matson, who coordinated non-profits in producing the Forest Declaration Assessment report last month.
To fulfill the pledge, the world would need to ensure 10 percent less area is deforested on average each year from 2021 to 2030. Instead, deforestation fell only 6.3 percent last year, as two of the three rainforest nations faced early stumbles.
The report draws on data from the Global Forest Watch monitoring project, and looks at developments in financing, conservation laws and sustainable food production.
Most countries under the pledge have yet to detail plans for passing stronger forest protections or implementing them. Global financing toward the goal totals about $2.3 billion a year — far from the annual $460 billion that the assessment says is needed.
Experts hope COP27 conference in Sharm el-Sheikh, Egypt, will encourage more investment from companies and countries seeking to offset their emissions by preserving and regrowing forests.
Negotiators at the summit will be working to finalize rules for global offsets trading, with a view to having the system in operation by 2025, said Laura Albuquerque, senior manager at consultancy WayCarbon. Failure to reach agreement at COP27 would push that timeline back at least a year.
“COP will give an important signal for the forest sector,” she said. “It is extremely important for bringing in investment.”
The biggest rainforest country also leads the world in deforestation, as the Amazon falls rapidly to illegal logging, agriculture and land speculation.
সিলেটে দুর্বৃত্তের ছুরিকাঘাতে বিএনপি নেতা আ ফ ম কামাল নিহতের প্রতিবাদে বিএনপি-ছাত্রদল বিক্ষোভ মিছিল করেছে।

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Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.