Three Basins Summit Unites Global Leaders to Address Deforestation Amid US-Backed Oil Exploitation Concerns

Global Activists Call for End to US-Backed Oil Exploration Contributing to Deforestation, While Summit Initiates 'Global Alliance of Ecosystems' to Combat Threats to Tropics

• The unprecedented Three Basins Summit brings together leaders from the world’s largest forest nations, including Peru, Brazil, Indonesia, and the Democratic Republic of Congo, to halt deforestation particularly in tropical forests. These forests are key in resisting climate change due to their vast emissions of carbon dioxide when cleared and their natural ability to absorb greenhouse gasses.
• Activists assert that oil exploration, largely financed by the U.S. and other Western countries, contributes significantly to deforestation and needs to be addressed. More than 96 percent of the land cleared in 2022 was in tropical forests, with the majority of the oil and gas sourced from the Amazon going to the U.S.
• A report by Stand.earth reveals that a majority of the investment into the expanding oil and gas industry in the Amazon comes from six U.S.-based banks and their subsidiaries. Despite international organizations demanding a full stop to fossil fuel exploration due to its climate implications, the U.S. government approved a $100 million loan to Indonesia for oil refinery expansion.
• Tropical forest regions are under significant pressure due to logging, forest degradation, loss of native species, and extreme weather events caused by climate change. Agriculture, including cattle ranching, smallholder farming, road expansion, fires, and commercial logging are the leading drivers of forest loss across the tropics.
• The Summit hopes to go beyond discussions and present concrete, actionable, and transparent plans that show accountability for forest protection. It is viewed as an important step in preserving the massive wildlife-rich regions, major sites for storing planet-warming carbon dioxide, and improving the livelihoods of people dependent on these areas.

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