World governments are spending $1.8 trillion annually to support fossil fuel emissions, deforestation, water pollution, and other harms to biodiversity and the planet.
Releasing a new study showing that world governments spend at least $1.8 trillion annually to subsidize activities which worsen the climate crisis, global subsidies experts on Thursday said leaders must eliminate or redirect the financial supports as part of an ambitious Global Biodiversity Framework at an upcoming summit in China.
"Nature is declining at an alarming rate, and we have never lived on a planet with so little biodiversity,"Christiana Figueres, former executive secretary of the United Nations Framework Convention on Climate Change and a member of The B Team."At least $1.8 trillion is funding the destruction of nature and changing our climate, while creating huge risks for the very businesses who are receiving the subsidies...
To help finance climate crisis mitigation measures in the Global South—as wealthy nations pledged they would in 2009, promising $100 billion annually—and redirect government funds toward a transition to renewable energy and a reversal of nature loss, hundreds of billions of dollars in subsidies must be eliminated or repurposed, according to the report.
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