World Fund Owns Destruction with $ 1.8 Trillion Subsidy: Research

One study found that a total of 2% of global GDP subsidies fund the “destruction of the world’s nature.”

The world must cut $ 1.8 trillion in annual environmentally damaging subsidies, according to a Thursday study from a business group, including one founded by tycoon Richard Branson.

This report, which estimates the value of subsidies from damaging countries, was commissioned by Branson’s non-profit initiative, Team B, and the Global Union Business for Nature, which consists of academic, corporate and environmental groups.

Huge grants, equivalent to a total of 2% of world GDP, will fund the “destruction of the world’s nature” and governments around the world must act, the two organizations added in a statement.

The study concludes that “fossil fuels, agriculture and fisheries receive more than 80% of all environmentally harmful subsidies each year.”

They urged the government to “redirect, divert, or abolish” these subsidies by 2030 to support “financing to Net Zero.” World economy“.

Governments around the world pay an estimated $ 640 billion to support the fossil fuel industry, Climate changeAir and water pollution and land subsidence, studies have found.

Agriculture receives approximately $ 520 billion in subsidies that contribute to soil erosion, water pollution and deforestation. Greenhouse gas emissions And the loss of biodiversity and natural habitat, it claimed.

And an additional $ 350 billion in subsidies to the fishery is said to help. Water pollution Endangers marine and waterway ecosystems.

“Nature is declining at an alarming rate and has never lived on a planet with such low biodiversity,” said Christiana Figueres, head of Team B’s Climate Working Group.

“While at least $ 1.8 trillion is funding the destruction of nature and climate change, it poses significant risks to the subsidized companies themselves.”

“Harmful grants must be directed towards protecting the climate and nature, rather than funding our own extinctions,” she added.

This study was published one month before the next phase of the United Nations Decade on Biodiversity Summit COP15 in Geneva.

The study is based on data from the International Energy Agency’s guard dogs and the Organization for Economic Co-operation and Development, a club in developed countries, including wealthy G20 members.

Fossil fuel subsidies in 2019 are about $ 500 billion: OECD / IEA

© 2022 AFP

Quote: World Fund Owns Destruction with $ 1.8 Trillion Grant: Survey (February 17, 2022) -Obtained February 17, 2022 from subsidies.html

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World Fund Owns Destruction with $ 1.8 Trillion Subsidy: Research

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