Two days ago (November 3rd 2021) more than 100 world leaders have promised to end and reverse deforestation by 2030 in order to curtail the second largest source of greenhouse gas emissions. Large forest countries like Brazil, Congo and Indonesia have put their name to the deal as well as large consumers of deforestation-linked commodities like China, the EU and the US. To make the agreement work 10,2 billion Euro of public funding and 6,2 private funding have been pledged.
The agreement is made against the backdrop of earlier commitments on halting deforestation that failed and disturbing news on deforestation in for instance Brazil, where deforestation was the highest since 2012 last year, with an area of destroyed forest comparable to a quarter of the Netherlands. Nevertheless Brazil signed the agreement and both Indonesia and Brazil announced that they will allow the carbon market to play an important role in reducing deforestation. If this is part of a genuine national policy framework for halting deforestation and sustainable development it might turn the tide.