Over 100 world leaders are set to commit to end and reverse deforestation by 2030, in the COP26 climate summit’s first major deal
Brazil, where large parts of the Amazon rainforest have been cut down, will be among the signatories collected on Tuesday, supporting the end of deforestation.
The pledge includes almost $19.2bn USD of public and private funds.
Experts have welcomed the move but many have warned a previous deal in 2014 had “failed to slow deforestation at all” and commitments needed to be delivered on, as promised this time.
Felling trees contributes to climate change because it depletes forests that absorb vast amounts of CO2 emissions.
The two-week long UN summit held in Glasgow is seen as critical – as world leaders unite to reveal their respected nation’s plans to act on climate action.
Deforestation of Brazil’s Amazon Forest / Image: Supplied
Who exactly will commit to deforestation?
Among the 100 countries who say they will sign the pledge include Brazil, Canada, Russia and Indonesia – each in which cover around 85% of the world’s forests.
Parts of the provided funding will go to developing countries to restore damaged land, tackle wildfires and support indigenous communities.
Governments of 28 countries will also commit to remove deforestation from the global trade of food and other agricultural products such as palm oil, soya and cocoa.
These industries drive forest loss by cutting down trees to make space for animals to graze or crops to grow.
More than 30 of the world’s biggest companies will commit to end investment programmes linked to deforestation.
UK Prime Minister Boris Johnson, who is hosting the global meeting in Glasgow, has labeled the commitment as a “landmark agreement to protect and restore the earth’s forests”.
US President Joe Biden addresses the COP26. / Image: File
Todays actions building on tomorrows future:
US President Joe Biden addressed the summit on Monday, stating that the United States will “lead by example” when it comes to implementing actions, targets and measures that address climate action.
The President called on world leaders to unite on the agenda, warning no country can escape what is to come if policymakers fail to seize the opportunity of making a change to global emissions.
“Right now, we’re still falling short. There’s no more time to hang back or sit on the fence or argue amongst ourselves,”
Biden said.
Boris Johnson at COP 26 / Image: File
Underwhelming G-20 summit
Biden’s arrival in Scotland’s largest city comes shortly after leaders of the world’s 20 largest economies appeared to fall short of meaningful climate pledges in Rome, Italy, over the weekend.
Rome’s G20 summit resulted in countries agreeing to pursue “meaningful and effective” action to cap global heating to 1.5 degrees Celsius – that’s a threshold that is seen as critically important to avoid disaster.
However, the group offered few concrete actions to target climate change, with no explicit commitment to net-zero carbon emissions by 2050.
In Short:
– Federal authorities are investigating the shooting of Charlie Kirk, who was killed at Utah Valley University.
– A manhunt for the actual shooter is underway; two men have been questioned and released without charges.
Federal authorities are investigating the shooting of conservative influencer Charlie Kirk, who was killed while speaking at Utah Valley University.
The incident occurred around 12:20 PM when Kirk was shot in the neck, leading to a chaotic scene as attendees fled. Kirk, a father of two, died shortly after being taken to a local hospital.Investigators believe the shooter fired from a building approximately 200 yards away.
During the aftermath, two men, one of whom claimed to have fired the shot, were taken into custody but later released without charges. A manhunt is ongoing for the actual shooter.
Utah Governor Spencer Cox stated that those responsible will be held accountable, outlining the state’s commitment to justice.
President Donald Trump condemned the political climate surrounding Kirk’s death, blaming extreme rhetoric and violence.
In a statement, he remembered Kirk as a patriot who advocated for open debate. Following the incident, vigils were held nationwide, and classes at the university have been cancelled.
Ongoing Investigation
As investigations continue, American flags will fly at half-staff until Sunday in honour of Kirk.
“I want to be very clear that this is a political assassination,” Utah Governor Spencer Cox, a Republican, told a news conference.
“And I just want to remind people that we still have the death penalty here in the state of Utah.
The Utah Department of Public Safety said that its State Crime Lab was “working with multiple active crime scenes”.
“These were identified based on where the victim was shot, as well as the locations where the suspect and victim travelled,” a department statement said.
“The shooting is believed to be a targeted attack. The shooter is believed to have fired from the roof of a building down to the location of the public event in the student courtyard.”
Eyewitness account
Attendee Tiana Lao said the shooting came as a shock in what otherwise felt like an= normal event.
“We didn’t realise it was real at first and then everyone began rushing out, shouting to get down in panic and distress,” she told ABC News.
“People were excited. There were some opponents like there usually are at these events … but they were peaceful, so this was a total shock.”
Conservative activist Charlie Kirk assassinated at Utah university, leaving a significant void in U.S. conservative politics. #BreakingNews
Conservative activist Charlie Kirk has been assassinated while speaking at a Utah university, sparking shock and grief across America.
Known as the founder of Turning Point USA, Kirk became a leading voice in the MAGA movement, shaping conservative youth politics and energising Donald Trump’s base.
His sudden death leaves a major void in the U.S. conservative landscape.
In Short:
– Oracle shares rose 43% to $345.69, nearing a trillion-dollar valuation after multi-billion-dollar contracts were announced.
– Co-founder Larry Ellison’s net worth increased to $392.6 billion, making him a contender for the world’s richest person.
Oracle shares surged 43% to a record high of $345.69, putting the company close to joining the trillion-dollar club.
This spike follows the announcement of four multi-billion-dollar contracts on Tuesday, indicating a shift towards increased computing capacity necessary for AI development.
The surge boosts co-founder Larry Ellison’s net worth to approximately $392.6 billion, making him a contender for the world’s richest person, currently held by Elon Musk at $439.9 billion.
Oracle expects to see a market valuation around $913 billion if gains hold, contributing an additional $234 billion.
Market Dynamics
Oracle’s significant contracts include one with OpenAI for about $300 billion in computing power over five years.
The partnership is critical as Oracle aims to expand its market share, currently dominated by Microsoft, Amazon, and Google, which collectively hold 65%.
The company also supports AI startups, including xAI, founded by Musk, affirming its essential role in upcoming large-scale AI infrastructure projects, projected to reach $500 billion.