Detox development: repurposing environmentally harmful subsidies
Trillions of dollars are wasted on subsidies for agriculture, fishing and fossil fuels that could be used to help address climate change instead of harming people and the planet, according to this report by the World Bank.
This new World Bank report examines how subsidy reform can help safeguard the world’s foundational natural assets—clean air, land, and oceans. These assets are critical for human health and nutrition and underpin much of the global economy. But subsidies for fossil fuels, agriculture, and fisheries are driving the degradation of these assets and harming people, the planet, and economies. This money -numbering in the trillions - could instead be used to finance much-needed climate action in countries across the world.