The world is spending at least $1.8tn (£1.3tn) every year on subsidies driving the annihilation of wildlife and a rise in global heating, according to a new study, prompting warnings that humanity is financing its own extinction. Christiana Figueres, who was head of the UN climate change convention when the Paris agreement was signed, welcomed the research. Lack of transparency between governments and recipients means the true figure is likely to be much higher, as is the implicit cost of harmful subsidies. The world has never met a target on halting biodiversity loss, and the failure to act on subsidies was highlighted as a major issue from last decade’s targets. “Many businesses are benefiting from these environmentally harmful subsidies.

Source: The Guardian February 18, 2022 01:07 UTC