More than 20 companies have pledged to grow, restore and conserve more than 2.5 billion trees across 50 countries by the end of the decade.
The companies involved have committed to doing so through the World Economic Forum’s one trillion tree platform, launched to mobilise more companies to take up nature-based solutions to climate change.
Some of the companies that have joined include Amazon, AstraZeneca, Capgemini, Mastercard, PepsiCo and Unilever.
The World Economic Forum claims that the global sustainable management of forests could create $230 billion (£168bn) in business opportunities by 2030, as trees absorb 17.4 million tonnes of air pollutants each year.
It also adds that trees can reduce urban heat island effects by as much as 5°C and energy costs by $7.8 billion (£5.7bn) per year.
Nicole Schwab, Co-Director at the World Economic Forum, said: “We are at a tipping point. It is our collective responsibility to leave behind a planet that is habitable for future generations.
“The private sector has a key role to play in bringing their expertise to the table and investing in natural climate solutions, such as restoration. It is encouraging to see more and more companies embracing this needed transition towards net zero, nature-positive business models.”