Environmentally “harmful” subsidies equivalent to 2% of global GDP are provided annually to key sectors of the economy, according to a study released Thursday by two business and NGO coalitions, The B Team and Business for Nature. They call on governments to redirect this aid by 2030.
“Nature is declining at an alarming rate, and we have never lived on a planet with so little biodiversity.” The warning comes from the former executive secretary of the UNU Framework Convention on Climate Change, Christiana Figueres.
As countries around the world must come together this year for COP15, the UNU’s major biodiversity summit, to defeat a global framework that would halt the collapse of life, a study published on Thursday estimates that the world annually spends “at least $1.8 trillion, or 2% of global GDP, on subsidies that lead to the destruction of ecosystems and the extinction of species.”
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