Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

World

3 Nov 2021

World Leaders Pledge to End Deforestation by the Year 2030

The Index Today

At the G20 summit, world leaders came together to discuss climate change and how to reverse its effects. Over 100 countries including China, U.S and Brazil agreed to eliminate deforestation by the year 2030. The countries also pledged to allocate $20 billion towards protecting and conserving forests all over the globe.

The pledge will take into account all countries which account for approximately 85% of forests. Boris Johnson said at the summit, “Protecting our forests is not only the right course of action to tackle climate change but the right course for a prosperous future for us all.”

The deal will help bring together nations from all corners and bridge the gap of economic disparity through a unified consensus. A similar pledge was made in 2014 at the New York Summit which included a number of countries such as China, Russia, Brazil and others.

The newly allocated funds will be used towards preventing deforestation, managing wildfires and tracking other activities such as illegal logging. Researchers have stressed upon the need for forests as they play a pivotal role in reducing carbon monoxide from the atmosphere. 12 countries are expected to fund a portion of the $12 billion finance from 2021 and 2025. $7.2 billion will stem from various private investments including $2 billion pledged by Amazon founder Jeff Bezos.

However, despite many countries agreeing to the new deforestation pledge, signs of reluctance were obvious from a few. Alison Hoare, senior researcher said, “World leaders’ first set a 2030 goal to end deforestation in 2014, but since then deforestation has accelerated across many countries.”

©Photo: Leonardo Carrato/Bloomberg

Clay pottery with table linens