World Bank Climate Change Statement

The Bank has released a report titled “Detox Development: Repurposing Environmentally Harmful Subsidies.”

Examining how subsidy reform can help protect the world’s essential natural assets, the report said that these assets, including clean air, land and oceans, are critical to human health and nutrition and form the foundation of much of the world economy.

The report states that subsidies for fossil fuels, agriculture and fisheries cause the deterioration of these assets, harming people, the planet and economies, and that these subsidies, directly and implicitly, exceed $7 trillion a year, which represents approximately 8 percent of the world total. gross domestic product (GDP), it was pointed out that it corresponds to .

1.25 BILLION DOLLARS OF DIRECT SUPPORT PER YEAR

Global direct government spending on agriculture, fisheries, and fossil fuels is $1.25 trillion per year, which is the size of the Mexican economy.

The report says trillions of dollars were wasted in subsidies to agriculture, fisheries and fossil fuels, which could be used to combat climate change.

In the bank’s report, it was claimed that countries spend around six times the annual amount they pledged to mobilize towards renewable energy and low-carbon development under the Paris Agreement to subsidize their consumption of fossil fuels.

SUBSCRIPTIONS EXTEND CLIMATE CHANGE

In the report, which indicated that countries actively provided an estimated $577 billion in government support in 2021 to artificially lower the prices of fuels such as oil, gas and coal, it was noted that this exacerbated climate change, causing pollution of the air, inequality, inefficiency and increased debt burden.

In the report, it was emphasized that direct government subsidies to agriculture exceeding $635 billion per year lead to excessive use of fertilizers, which degrades soil and water and harms human health.

In the report, which pointed out that fisheries subsidies, which exceed $35 billion each year, are the driver of declining fish stocks, excessively large fishing fleets and declining profitability, it was argued that it is important to restore the world’s fish stocks to a healthy state. (AA)