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Photo: Mikhail Klimentyev\TASS via Getty Images

Brazil's Amazon rainforest is facing rapid deforestation under far-right President Jair Bolsonaro, the New York Times reports.

Why it matters: The Amazon, the largest and most biodiverse rainforest on the planet, plays an essential part in slowing global warming. The seas of greenery absorb and store carbon dioxide, preventing the gas from overwhelming our atmosphere. But when trees are plowed, carbon has nowhere to go, risking further increases in global temperatures.

The big picture: Bolsonaro campaigned on opening up the Amazon to new economic ventures. Just 7 months into his presidency, he's keeping true on the promise, with the Brazilian part of the rainforest shedding 1,330 square miles of forest cover — 39% more than was lost during the same period last year, according to the Times. About 80% more forest cover was lost this June compared to 2018.

  • Bolsonaro has also cut the budget for Brazil's main environmental agency by 24%.
  • A New York Times analysis showed environmental enforcement measures like fines or seizures have fallen 20% in the first 6 months of the year compared to 2018.
  • The administration has hinted at the possibility of ending a $1.3 billion Amazon restoration fund, fueled in part by Germany and Norway. Bolsonaro has said that the "Amazon is ours, not yours," and insisted it should not be a concern to non-Brazilians.

Between the lines: Deforestation for the sake of economic growth had already been a marketable stance prior to Bolsonaro's leadership. Per the New York Times: "As the economy plunged into a recession in 2014, the country became more reliant on the agricultural commodities it produces — beef and soy, which are drivers of deforestation — and on the powerful rural lobby. Land clearing began to tick upward again."

Go deeper: Deforestation of Brazil's Amazon rainforest reaches decade high

Go deeper

Austria approves COVID vaccine mandate for adults

A vaccination center installed at the Barbara Chapel of St Stephen's Cathedral in Vienna, Austria. Photo: Alex Halada/AFP via Getty Images

Austria's lower house of parliament voted on Thursday in favor of making COVID-19 vaccinations compulsory for most adults from next month.

Why it matters: The bill is expected to soon pass the upper house and be signed by President Alexander Van der Bellen in order for the law to take effect Feb. 1, per Reuters. It'd make Austria the first EU nation to impose such a sweeping mandate.

Hope King, author of Closer
Updated 3 hours ago - Economy & Business

Peloton pumps its brakes

Data: FactSet; Chart: Axios Visuals

Peloton’s popularity is falling as swiftly as it shot up.

Why it matters: Not all pandemic habits stick around. Peloton's trajectory over the past two years exemplifies how challenging it's been for companies to gauge shifts in consumer demand — particularly in sectors heavily altered by the pandemic.

Mitch McConnell's remarks on Black voters raise ire

Senate Minority Leader Mitch McConnell during a Capitol Hill news conference earlier this year. Photo: Anna Moneymaker/Getty Images

Senate Minority Leader Mitch McConnell (R-Ky.) has been widely criticized for comments he made this week about Black American voters.

Driving the news: When asked by a reporter Wednesday about concerns among voters of color, McConnell said "the concern is misplaced, because if you look at the statistics, Black American voters are voting in just as high a percentage as Americans."