The European Union and 11 countries, including Canada, Belgium and Japan, have committed $12 billion as part of the Global Forest Finance Pledge, over the next five years.
Leaders of 137 countries, which collectively account for 90% of the world's forests, also signed the Glasgow Leaders' Declaration on Forests and Land Use that seeks to halt deforestation. India, which has 1.75% of the world's forests, has not signed this pledge.
Deforestation, along with agriculture and land-use change, is the second leading cause of carbon emissions (after electricity and heat production).
Nearly 30% of 60,000 tree species are threatened with extinction in the wild due to forest clearance, habitat loss and the direct exploitation of timber and other products.
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