'If we could repurpose the trillions of dollars being spent on wasteful subsidies and put these to better, greener uses, we could together address many of the planet's most pressing challenges,' said one official.
in the Global South, the World Bank stressed that "repurposing... wasteful subsidies will help ensure a green and just transition that can provide jobs and opportunities for all."
. "If we could repurpose the trillions of dollars being spent on wasteful subsidies and put these to better, greener uses, we could together address many of the planet's most pressing challenges."Detox Development: Repurposing Environmentally Harmful Subsidies Some of the annual support for fossil fuels, farming, and fishing comes in the form of more than $1.25 trillion in explicit subsidies, or direct government expenditures.
Explicit subsidies for fisheries are estimated to exceed $35 billion per year. According to the report, $22 billion of this constitutes "harmful subsidies that can lead to overcapacity and overfishing—often in international waters or the exclusive economic zones of low-income coastal countries." Estimates of the annual value of implicit subsidies for agriculture vary. At the low end, the report says they could amount to anywhere from $548 billion to $1.1 trillion in damage caused by greenhouse gas emissions. Citing a study that takes into account the costs of greenhouse gas emissions , land degradation and biodiversity loss , and pollution, pesticides, and antimicrobial resistance , the report finds they could be as high as $5.3 trillion.
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