Glasgow declaration on land and land use

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In news- Glasgow declaration on land and land-use was announced at the 26th Conference of Parties (CoP) held at Glasgow, Scotland.

About the declaration-

• It is the first major outcome of CoP26. 
• It aims to halt and reverse forest loss and land degradation by 2030. 
• It will cover forests estimated to be over 33.7 million square kilometres.
• It will be supported by a pledge to provide £8.75bn ($12bn) of public finance from 12 countries, including the UK, from 2021-2025.
• This will support activities in developing countries, including restoring degraded land, tackling wildfires and supporting the rights of indigenous communities.
• At least £5.3 billion ($7.2 billion) of newly-mobilised private sector funding will also be available.
• Chief executives from more than 30 financial institutions with over $8.7 trillion of global assets including Aviva, Schroders and Axa-will also commit to eliminate investment in activities linked to deforestation.
• The UK will be committing £1.5 billion over five years to support the forests pledge, including £350 million for tropical forests in Indonesia and £200 million for the LEAF Coalition.
• Over 100 countries including the US, Russia, China and Brazil signed the Declaration.
• However, India, Argentina, Mexico, Saudi Arabia and South Africa are the G20 countries that did not sign the declaration.
• According to India, the declaration interlinks trade to climate change and forest issues and as trade falls under the WTO, it should not be brought under climate change declarations and wanted the word “trade” to be removed.

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