The Amazon rainforest used to be a carbon sink. For the first time, it is now emitting more CO2 than it absorbs.
Forest burning in the Amazon produces three times more CO2 than the forest naturally absorbs. Additionally, deforested areas in the Amazon show a 30% increase in carbon emission. Less trees means less rains and higher temperatures, placing the remaining forest susceptible to insects, wildfires, and drought. (source)
Land is being deliberately cleared by fire primarily for beef and soybean production, most of which is exported to other countries.
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(Source: Carbon Almanac - Footnotes)