BRUSSELS (Pakistan Point News / Sputnik - 03rd November, 2021) The European Commission announced on Tuesday that the EU will invest 1 billion Euros ($1.1 billion) in efforts to protect, restore and sustainably manage forests across the world during the next five years.
"European Commission President Ursula von der Leyen announced today ��1 billion at the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow as the European Union contribution to the Global Forests Finance Pledge. This 5-year support package from the EU budget will help partner countries to protect, restore and sustainably manage forests worldwide," the EU body said in a statement.
Of those funds, 250 million euros will be allocated to the Congo Basin Pledge that seeks to protect the world's second largest tropical rainforest region covering eight countries � Cameroon, the Central African Republic, the Democratic Republic of the Congo, the Republic of the Congo, Equatorial Guinea, Gabon, Burundi and Rwanda � while improving livelihoods for its populations.
Earlier in the day, leaders of more than 100 countries representing over 85% of the world's forests committed to ending deforestation by 2030 under the Glasgow Leaders' Declaration on Forest and Land Use at the COP26.
