Capitalism is keeping its promise to rapidly obliterate ecosystems and accelerate mass extinction as leading financial institutions continue to fund the rapid destruction of Earth's rainforests. 🧵
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Conversation
1. Analysis of investment patterns in the year since COP26 suggests that Glasgow Financial Alliance for Net Zero members are proceeding with business-as-usual.
To blame? Agribusinesses appearing in the portfolios & balance sheets of the world’s top banks.
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2. Despite a host of pledges & initiatives finance continues to flow into companies linked to habitat destruction.
Of 557 financial institutions that signed up to the Glasgow Financial Alliance for Net Zero only 17% even recognised deforestation as a risk.
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3. Capitalism means the collapse of the Amazon Rainforest, and 1.75/2.25°C of global warming by around 2038- 2047.
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BREAKING: US investments in Brazil’s beef sector are driving the destruction of the Amazon Rainforest. Scientists say deforestation must end within 36 months to prevent an ecological death spiral and lower the accelerating risk of a fully completed, near-term, mass extinction. 
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4. We can, of course, take action.
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We can't build our way out of global ecosystem catastrophe. So how about a 10 year slowdown? Shift rapidly away from today's ultra-destructive, high energy, high emissions global economy? Give societies time & incentive to create local supply chains? Let vital species flourish?
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5. Fossil fuel emissions are rising when they should have peaked by now to avoid 2.5°C. Total emissions including deforestation don't really look like they can peak immediately either.
Threads here for more on how capitalism means 2.5°C by 2040- 2090.
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icymi:
1. levels of global warming appear set to be far more extreme than previously feared
2. banks & corporate governments are lining up a trillion dollars for new fossil fuel production
3. emissions should've peaked by now to avoid 2.5°C
What to do?
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6. And..
'The Glasgow Financial Alliance for Net Zero (GFANZ)..
Michael Bloomberg, UN Special Envoy on Climate Ambition and Solutions, and Mark Carney, UN Special Envoy for Climate Action and Finance, are Co-Chairs of the group'
Billionaire hell.
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7.
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There was nothing legally binding about capitalists' pledges to stop deforestation by 2030 which media framed as progress, and now in 2023 the destruction continues as the world's financial institutions continue throwing money into agribusiness as usual. euronews.com/green/2021/11/
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