Governments are spending $2.6tn annually on subsidies harmful to nature, counteracting climate goals set by the Paris climate agreement and Kunming-Montreal agreement.
Christiana Figueres emphasized that urgently addressing environmentally harmful subsidies is critical, stating that we are financing our own extinction and putting resilience at risk.
The 2022 analysis revealed an increase of over $800bn in environmentally harmful subsidies since the last report, driven by the consequences of the war in Ukraine.
Experts noted that about 2.5% of global GDP is devoted to damaging subsidies, with the potential to shift this funding to benefit people and ecosystems.
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