Global nature pact urged to reform harmful subsidies of $1.8 trln a year
Subsidies that are harming ecosystems, wildlife and the climate amount to nearly $2 trillion a year, researchers said on Thursday, calling for the subsidies to be reformed under talks on a global nature pact due to be agreed in the coming months.
The researchers found that annually the fossil fuel industry receives $640 billion in support and environmentally harmful agricultural activities get $520 billion, while $350 billion flows to unsustainable freshwater use and the management of water and wastewater infrastructure.