By Jake Spring and William James

GLASGOW (Reuters) – Leaders at the COP26 global climate conference https://www.reuters.com/business/cop in Glasgow have pledged to stop deforestation by the end of the decade and slash emissions of the potent greenhouse gas methane.

While the major world powers are blaming each other for not being able to quickly reduce the amount of fossil fuels needed to keep global warming under control, some areas of concern show at least some signs of resolution.

An official from the Biden Administration said that almost 90 countries are now part of a U.S./EU-led initiative to cut methane emission 30% by 2030 from 2020.

Although methane’s effects on the environment are shorter-lasting than those of carbon dioxide, the gas is eight times more effective at warming the planet. Accordingly, cutting methane emissions, which has been responsible for around 30% of climate change since preindustrial times, would be one of the best ways to slow down the process.

According to a U.S official, the Global Methane Pledge now covers half the world’s top methane emitters. This accounts for nearly two-thirds global economic activity.

Brazil will be among the signatories that were announced Tuesday. Brazil is one of five largest emitters methane in the world. It is produced in cows’ digestion systems and landfill waste, as well as in oil- and gas production. Australia, China and India are the only ones that haven’t signed up.

The nonprofit World Resources Institute says that human activities have also contributed to increasing greenhouse gas emissions by decreasing forests, which absorb around 30% of carbon dioxide.

The world lost 258,000 km or 100,000 sq miles of forest in 2020 according to WRI Global Forest Watch. That’s more than twice the area that was lost by the United Kingdom.

‘CHAINSAW MASSACRE’

On Monday, more than 100 leaders from across the country pledged to stop and reverse land degradation and deforestation by the end the decade. This was supported by $19 million in private and public funds that will be used to restore forests and protect them.

Boris Johnson, British Prime Minster, stated that conservation must do the things it is capable of and provide long-term jobs and growth.

COP26 aims keep alive the target to limit global warming to 1.5° Celsius (2.7 Fahrenheit). This is to avoid further destruction from climate change’s intensified heatwaves.

The agreement stipulates that 12 nations will provide $12 billion in public financing between 2021-2025 to help developing countries with wildfire fighting and land restoration.

Investors from the private sector representing an estimated $8.7 trillion of assets will provide at least $7.2 million. Additionally, they pledged not to invest in any activities that could lead to deforestation, such as palm oil, cattle farming, soya bean cultivation, or pulp production.

A group of international charities and five nations, which include the United States of America and Britain combined with a number of other countries pledged $1.7 billion in support of indigenous peoples’ conservation and strengthening of their land rights.

POWERS AT ODDS

Brazil (NASDAQ) has been clearing vast areas of Amazonia rainforest. On Monday it renewed its commitment to reduce greenhouse gas emissions 50%, as opposed to the 43% pledged previously.

Prime Minister Narendra Modi set a new target date to India’s heavily dependent on coal to cut its carbon emissions. However, it will only be achieved in 2070, 20 years after the U.N. global recommendation.

However, there has been little evidence of greater cooperation between the two largest carbon emitters in the world, China and America. They together contribute more than 40% to global greenhouse gas emissions, but they are also at odds over a range of commercial and political issues.

U.S. President Joe Biden called out Russia, China, and the leading oil producer Russia because they have failed to meet their climate targets in Glasgow.

Beijing rejects Washington’s attempt to distinguish climate issues and other wider disputes.

On Monday, the Communist Party-run Global Times stated in an editorial that Washington should not be expected to have any influence over Beijing regarding climate change while attacking Beijing about human rights.

China claimed that Washington’s attitude was making it difficult for China “to see any potential to have fair negotiations amid the tensions”. China said Tuesday that President Xi Jinping had been denied an opportunity to present a video message and had instead sent a written reply. In which he made no other pledges.

British officials stated that they wanted all attendees to see the conference and gave absentees an opportunity to give recorded addresses or to make statements.