Leaders of over 100 countries expressed their commitment to working together to halt and reverse forest loss and land degradation by 2030.
The countries endorsed the Glasgow Leaders' Declaration on Forests and Land Use at the COP26 summit.
"Over 100 leaders, accounting for more than 86 per cent of the world's forests, committed to work together to halt and reverse forest loss and land degradation by 2030 in the Glasgow Leaders' Declaration on Forests and Land Use," a UK government statement said.
The countries which have endorsed the declaration include Canada, Brazil, Russia, China, Indonesia, the Democratic Republic of the Congo, the US and the UK and cover around 85 per cent of the world's forests.
The statement said 12 donor countries pledged to provide USD 12 billion (£8.75 billion) of public climate finance from 2021 to 2025 to a new Global Forest Finance Pledge.
This will support action in developing countries, including restoring degraded land, tackling wildfires and advancing the rights of indigenous peoples and local communities.
In addition, 12 country and philanthropic donors pledged at least $1.5 billion (£1.1 billion) to protect the forests of the Congo Basin. "This is the area home to the second-largest tropical rainforest in the world, which is critically important to global efforts to address climate change as well as to sustainable development in the region," the statement said.
Fourteen country and philanthropic donors also pledged at least $1.7 billion from 2021 to 2025 to advance Indigenous Peoples' and local communities' forest tenure rights and support their role as guardians of forests and nature.
In addition at least £5.3 billion ($7.2 billion) of private sector funding has been mobilised, the statement said.
( With inputs from ANI )
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