THE world must slash $1.8 trillion in annual subsidies that destroy the environment, according to a study from business groups including one founded by tycoon Richard Branson.
The report, estimating the value of damaging state subsidies, was commissioned by Branson's nonprofit initiative The B Team and global coalition Business for Nature, which comprises academic, corporate and environmental organisations.
The vast subsidies, totalling two percent of global GDP, fund the "global destruction of nature" and governments worldwide must act, the two organisations added in a statement.
The study "finds the fossil fuel, agriculture and water industries receive more than 80 percent of all environmentally harmful subsidies per year", the organisations concluded.
And they called upon governments to "redirect, repurpose or eliminate" those subsidies by 2030 to help "finance a net zero global economy".
Governments across the world pay an estimated $640 billion in support to the fossil fuel industry, contributing to climate change, air and water pollution and land subsidence, the study found.
Agriculture receives some $520 billion in subsidies that contribute towards soil erosion, water pollution, deforestation, greenhouse gas emissions and loss of biodiversity and natural habitats, it claimed.
And another $350 billion in subsidies for the water industry is said to help fund water pollution and risk ocean and waterway ecosystems.
"Nature is declining at an alarming rate, and we have never lived on a planet with so little biodiversity," said Christiana Figueres, head of The B Team's climate working group.
"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."
She added that "harmful subsidies must be redirected towards protecting the climate and nature, rather than financing our own extinction".
The study was published one month before the next phase of the UN biodiversity summit COP15 in Geneva.
The research was based on data from the International Energy Agency watchdog and the Organisation for Economic Co-operation and Development, which is a club of industrialised economies that includes wealthy G20 members.
ETX Studio
Sat Feb 19 2022
Agriculture receives some $520 billion in subsidies that contribute towards soil erosion, water pollution, deforestation, greenhouse gas emissions and loss of biodiversity and natural habitats, says a report. - ETX Studio
Trio pecut wanita dalam senarai menunggu ke Paris 2024
Trio pecut wanita negara berpeluang beraksi di Sukan Olimpik Paris 2024 apabila berada pada kedudukan pertama senarai menunggu untuk mengambil bahagian di temasya itu.
JAIM bakal perkenal Pusat Tahfiz TVET, tawar kursus selam dasar laut
JAIM bakal menjadikan Maahad Tahfiz Pulau Besar sebagai Pusat Tahfiz Program Pendidikan dan TVET yang turut menawarkan kursus selam dasar laut.
Jalan baharu sebagai laluan alternatif hubungkan Sibu-Kapit akan dibina
Satu jajaran jalan baharu akan dibina sebagai laluan alternatif yang akan menghubungkan Sibu dengan Kapit melibatkan jarak kira-kira 66 kilometer (km).
Malaysia, Jepun bincang kerjasama perdagangan, pertanian
Malaysia dan Jepun mengadakan perbincangan dua hala yang antara lain menyentuh mengenai perdagangan, pertanian dan peranan Malaysia sebagai hab halal yang boleh dimanfaatkan negara itu.
MSPO mampu penuhi permintaan EUDR, kata pakar
Panel pakar pensijilan yang dipanggil oleh MPOC telah menilai keupayaan pensijilan MSPO sebagai instrumen untuk memastikan pematuhan kepada EUDR.
SUKMA XXI bakal bawa limpahan ekonomi kepada Sarawak - Abdul Karim
Pemain industri perhotelan, inap desa dan pengusaha makanan serta pengangkutan di Sarawak bakal menerima limpahan ekonomi daripada penganjuran temasya SUKMA XXI Sarawak 2024.
Minggu Latihan Kebangsaan pupuk budaya pembelajaran sepanjang hayat - HRD Corp
HRD Corp bakal menganjurkan NTW pada Jun ini, bertujuan menerapkan budaya pembelajaran sepanjang hayat dalam kalangan rakyat melalui peluang meningkatkan kemahiran dan pembelajaran secara percuma.
Kru kapal dikaitkan dengan Israel dibebaskan
Iran berkata pembebasan anak kapal adalah tindakan kemanusiaan dan mereka boleh pulang ke negara mereka bersama kapten kapal.
Agensi Risikan Seoul beri amaran Korea Utara rancang serangan ke atas kedutaan
Agensi Risikan Korea Selatan mengeluarkan amaran Pyongyang sedang merancang serangan yang menyasarkan pegawai dan rakyat Seoul di luar negara, dan kementerian luar perlu meningkatkan tahap amaran untuk misi diplomatik di lima negara.
20 terkorban bas terjatuh dalam gaung di utara Pakistan
Bas berkenaan dalam perjalanan ke kawasan pergunungan utara Gilgit-Baltistan dari Rawalpindi di wilayah timur Pakistan.