'Forests managed by Indigenous peoples and other local communities in the Amazon region draw vast amounts of planet-warming carbon dioxide out of the atmosphere while the rest of the rainforest has become a net source of the greenhouse gas'. New report. 🧵
Conversation
1. Capitalist financial institutions continue to fund rapid deforestation taking Earth's species to hellish 2/2.5°C by 2040 - 2060.
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Greenhouse gas emissions must peak immediately and fall by 2025 to levels 20% lower than in 2020 to avoid 2°C of global warming but fossil fuel emissions are rising to extreme record levels as the world's financial institutions continue to fund forest destruction & degradation.
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2. The destructive rates of change of industrial capitalism are too much for species and ecosystems.
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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. globalwitness.org/en/campaigns/f
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3. 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.
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