COP26: 30 financial institutions promise to eliminate deforestation-linked investments – poca Negócios

COP26: 30 financial institutions promise to eliminate deforestation-linked investments - poca Negócios

(Photo: Greenpeace)

the occurrence of World Leaders’ Summit on Forests and Land Use At the Climate Conference held in Glasgow (COP-26), this Tuesday (02), announced stock changes in personal finance; in the continuing business of forest material I Agriculture and in the empowerment of indigenous peoples and local communities.

In finance, for example, more than 30 financial institutions that manage $8.7 trillion in assets have committed to ending investments in activities involving deforestation.

According to the United Kingdom’s Department of Environment, Food and Rural Affairs (Defra), headquartered, “the aim is to distance itself from departments that invest in the supply chain of agricultural commodities with a high risk of deforestation and sustainable production.” seek.” Competition.

In addition, US$7.2 billion will be raised to support the forest economy. Finally, there is more than $1 billion in public-private funding committed to the Coalition Reducing Emissions through Accelerated Forest Finance (LEAF).

“It will provide funding for countries that successfully reduce emissions from deforestation, provided these reductions have been independently verified and confirmed,” the British agency explained, adding that funding will only be available to those countries. will be provided by companies that are already committed to cutting emissions. in your supply chain.

According to the British agency, an initiative called Innovative Finance for the Amazon, Cerrado and Chaco (IFACC, its abbreviation in English) will announce US$3 billion to accelerate the fight against deforestation.

The Sustainable Markets Initiative’s Natural Capital Investment Alliance (NCIA), an organization founded by the Prince of Wales to promote private investment in natural capital, will announce 12 new members and plans to raise $10 billion in private capital by the end of 2022. Used to be.

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In trade, a new roadmap for sustainable transactions was issued to break the link between deforestation and agricultural commodities. The manifesto was initiated by 28 producing and consuming countries, including Indonesia, Brazil, Colombia, the European Union, the United Kingdom and the United States.

On Tuesday, governments, investors, companies, civil society and philanthropists will sign commitments to fight deforestation. These changes will support the commitment made by more than 100 world leaders to prevent and reverse deforestation and land degradation by 2030, representing countries that have more than 85% of the world’s forests.

According to Defra, the global transition to a sustainable land use and food system could provide up to 4.5 trillion pounds of new business opportunities annually by 2030.

“Over the past decade, nearly 40 times more money has flown into destructive land-use practices than to forest protection, conservation and sustainable agriculture,” the statement said.

The department explained that these investments and transitions would be supported by a joint declaration by nine multilateral development banks – including the World Bank – that commit them to integrating nature into their investment and political dialogue with countries.

The Climate Disclosure Task Force will also strengthen reporting guidance on emissions from the agriculture, forestry and land use sectors.

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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