Thread by @marywag2947

"While banks and asset managers are promising to divest from fossil fuels, they are expanding investments in high-carbon foods and commodities tied to deforestation."
insideclimatenews.org/news/07032021/…

"Agriculture and deforestation, largely driven by livestock production, are responsible for nearly one quarter of global greenhouse gas emissions."

"major global banks continue to funnel dollars into companies that trade in “soft commodities,”including beef, soy, timber and palm oil, that are linked to the destruction of forests and critically important ecosystems."

"emissions from the food system projected to rise by nearly 60 percent if they stay on their current path."

"Stopping deforestation is one of the fastest ways to limit carbon emissions. Yet the world’s biggest banks and asset managers are fueling the problem instead."

"Financial think tanks and green investment groups, in report after report, have found that major global banks have made promises to stop financing deforestation, but have not lived up to them."

"JP Morgan, Citigroup and Bank of America are among the top US-based creditors of American commodities giants Cargill, Bunge and ADM, which supply major American food businesses, from McDonald’s to Walmart."

"These grain traders have made commitments to stop deforestation, but continue to come under fire for their vast soy plantations, one of the largest drivers of deforestation in South America."
#ClimateCrisis #GlobalWarming