The Amazon rain forest experienced its most devastating fire season in more than two decades, according to a new study by the European Commission's Joint Research Centre. In 2024, wildfires burned 3.3 million hectares — an area larger than Belgium — and released an estimated 791 million tons of CO2 equivalent, comparable to Germany's annual greenhouse gas emissions.
The scale of destruction marks a seven-fold increase in GHG emissions compared to the average of the past two years and is nine times higher than the long-term average. Scientists attribute this surge to extreme drought, high temperatures, and unsustainable land management practices that amplify fire risk. The unprecedented intensity and frequency of wildfires reveal a growing vulnerability of the Amazon ecosystem and raise alarms about their global climate impact.
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Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.