Financial institutions pouring money into land clearance and undermining efforts to stop destruction, says Climate Focus
Global forest health has plunged to “dismal” levels and threatens the wellbeing of humanity, warns a damning report that highlights how financial systems are pouring money into land clearance and undermining efforts to reduce destruction.
Since 2021 when world leaders and corporate executives promised to halt deforestation, the new study found that forest loss has increased, driven by subsidies for livestock, monocrops, logging and other extractive industries.
Last year, 8.1m hectares (20m acres) of forest – an area roughly half the size of England – were burned, pulled or cut down, which was higher than the loss at the time of Cop26 in Glasgow, when the target of zero deforestation by 2030 was signed.
“Every year, the gap between commitments and reality grows wider, with devastating impacts on people, the climate and our economies,” said the lead author, Erin Matson of Climate Focus. “Forests are non-negotiable infrastructure for a livable planet. Continued failure to protect them puts our collective prosperity at risk.
