![]() We are running out of time to deal with the climate crisis. The consequences of inaction are costly.Redirecting these subsidies can unlock significant funds for sustainable purposes. Annually, countries spend six times more on subsidizing fossil fuel consumption than their commitments made under the Paris Agreement to tackle climate change. Repurposing these wasteful subsidies will help ensure a green and just transition that can provide jobs and opportunities for all.Fisheries subsidies, which exceed $35 billion each year, are a key driver of dwindling fish stocks, oversized fishing fleets, and falling profitability. Fossil fuel usage-incentivized by subsidies-is a key driver of the 7 million premature deaths each year due to air pollution. ![]() ![]() Agriculture subsidies are responsible for the loss of 2.2 million hectares of forest per year - or 14% of global deforestation. Governments are spending trillions on inefficient subsidies that are making climate change worse – money that could be tapped to help solve the problem.Implicit subsidies – a measure of the subsidies’ impact on people and the planet - amount to over US$6 trillion a year and the burden fall mostly on the poor. Explicit subsidies - direct government expenditures - in agriculture, fishing, and fossil fuels total about $1.25 trillion, around the size of a big economy such as Mexico. Subsidies for fossil fuels, agriculture, and fisheries exceed $7 trillion in explicit and implicit subsidies, which is around 8% of global GDP.
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