The United Nations Climate Summit suggests that countries such as the U.S., UK, Norway, Germany and more are taking a pledge to reduce deforestation.

Scientists and environment advocates are in agreement that forests on the planet are very critical in stabilizing increasing temperatures on Earth as they absorb carbon dioxide. Activities such as mining and the cultivation of crops have, however, led to deforestation in various parts of the globe. Reports suggest that about 58,000 square miles of global forest are denuded each year.

Global warming, which leads to climate change, is taking its toll on the Earth. Deforestation is ongoing in all parts of the world and it is also one of the leading contributors to global warming. Government agencies, multinational companies and environmentalists are coming together to reduce deforestation by 2030.

The initiatives agreed upon at the U.N. summit on global climate change in New York aim to reduce the deforestation rate by 50 percent in 2020 and at the same time restore a large portion of the global degraded land.

Countries that backed the declaration suggest that their hard work can result in saving between 4.5 billion and 8.8 billion tons of global carbon emissions each year by 2030.

"Forests represent one of the largest, most cost-effective climate solutions available today. Action to conserve, sustainably manage and restore forests can contribute to economic growth, poverty alleviation, rule of law, food security, climate resilience and biodiversity conservation," the declaration states.

Norway is estimated to pledge about $500 million to control and reduce deforestation in small countries like Peru and Liberia.

The U.N. summit also became an avenue for Paraguay, Myanmar, Peru and Liberia to announce their new policies on forests. Some European countries revealed that they will introduce new procurement policies in their public sector to ensure that crops believed to have been produced on unlawfully cleared lands do not enter their markets.

The U.S., UK, Canada, European Union, Norway, Indonesia and the Democratic Republic of Congo have signed the declaration. India and China, which are among the top carbon polluters of the world, have not. Brazil also declined to sign the U.N. declaration.

World-renowned companies such as Unilever, McDonald's, Walmart, Kellogg's, Barclays, Nestle, Marks and Spencer, Cargill and more have also signed the declaration.

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