Bunge, Wilmar International and Louis Dreyfus are also signatories to the Declaration on Forests and Land Use pact to develop a “sectoral roadmap” by COP-27 aimed at halting deforestation and land degradation by the end of the decade amid a wider goal to cut greenhouse gas emissions and limit global warming to 1.5C.
The action plan emerged at the COP26 summit in Glasgow from the World Leaders’ Summit on Forests and Land Use and also includes 100 countries. Brazil, China, Canada, Russia and Indonesia have joined the US and the UK among the contingent agreeing to take part in the initiative.
Some 12 countries have also committed to provide US$12bn from 2021 to 2025 to a new Global Forest Finance Pledge, which will “support action in developing countries, including restoring degraded land, tackling wildfires and advancing the rights of indigenous peoples and local communities”, according to a statement from the UK government.
It added: “28 governments, representing 75% of global trade in key commodities that can threaten forests, have signed up to a new Forest, Agriculture and Commodity Trade (FACT) Statement. This statement is part of a roadmap of actions designed to deliver sustainable trade and reduce pressure on forests, including support for smallholder farmers and improving the transparency of supply chains.
“In addition, ten of the largest companies managing over half of global trade in key forest-risk commodities such as palm oil and soy have announced that by COP27 they will lay out a shared roadmap for enhanced supply chain action consistent with a 1.5 degree Celsius pathway.”
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Acknowledging the agreement, Gilberto Tomazoni, the CEO of Brazil’s JBS, said in a statement: “By bringing everyone together, we are confident that the company can be a transformation agent.
“JBS is committed to fulfilling its net-zero commitment by 2040. We will work together with small producers to support them in this new green revolution. In this race, there is not a single winner: either everyone loses or all of humanity wins.”
The BBC, meanwhile, reported Prime Minister Boris Johnson is due to declare the alliance made at COP26 as a “landmark agreement to protect and restore the Earth’s forests”.
“These great teeming ecosystems – these cathedrals of nature – are the lungs of our planet,” he will say at an event later today (2 November), according to the broadcaster.
Kuok Khoon Hong, the chairman and CEO of Singapore-based Wilmar, added: “As a leading agri-business company in Asia, Wilmar recognises the critical role we play in transforming the industry towards becoming more sustainable and responsible. We demonstrated this through our leading role in implementing No Deforestation, No Peat and No Exploitation (NDPE) commitments efforts in the palm sector since 2013, followed by our commitment in 2016 to the New York Declaration on Forests.
“It is therefore imperative that we continue to lead by example, while encouraging our private-sector peers to demonstrate similar commitments and to align our approaches towards achieving the 1.5 degrees Celsius reduction target.”