US President Joe Biden has announced up to $9 billion of US funding through to 2030 "to conserve and restore our forests and mobilise billions more from our partners".
He said the US government will work to ensure the markets recognise the "true economic value of natural carbon sinks and motivate governments, land owners and stakeholders to prioritise conservation", reports the BBC.
"The United States is going to lead by example at home, while supporting other forested nations and developing countries," he said.
Biden added that the initiative will include setting and achieving ambitious goals on carbon sinks.
A carbon sink is any reservoir - such as peatlands, or forests - that absorbs more carbon than it releases, thereby lowering the concentration of CO2 in the atmosphere.
I am confident we can do this. All we need to do is summon the will to do what we know is right, what we know is necessary and what we know is within our capacity," the US president said.