World leaders pledge to end deforestation by 2030

"It is this simple. Let's get to work. We can do this."

Over 100 world leaders promised to end and reverse deforestation by 2030 late on Monday (November 1) at the big climate summit happening in Glasgow, COP26.

The pledge includes $19 billion in public and private funds.

And was backed by countries which collectively account for 85% of the world's forests, including Brazil, Indonesia and Democratic Republic of Congo.

British leader Boris Johnson called the promise a "landmark commitment."

"Let's work together not just to protect the forests, but also to ensure that the forests return."

U.S President Joe Biden:

"This plan is the first of its kind, taking a whole of government approach and working our case with Congress to deploy up to $9 billion in U.S funding through 2030 to conserve and restore our forests and mobilize billions more from our partners.

Russian President Vladimir Putin, who is absent from the summit, said in a pre-recorded video that about 20% of the world's forests are located in Russia and Moscow is "taking the most serious and vigorous measures to conserve them".

More than 30 financial institutions with more than $8.7 trillion in assets under management also said they would make "best efforts" to eliminate deforestation related to cattle, palm oil, soy and pulp production by 2025.

The world lost 100,000 square miles of forest in 2020 - an area larger than the United Kingdom, according to WRI's deforestation tracking initiative.

NGO Global Witness said it was unclear how governments would be held accountable for meeting the new pledge.

It said in a statement that national laws banning activities that fuel deforestation are needed.

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