Governments split on ditching nature-harming subsidies in Montreal
While the Climate Home News didn't credit Earth Track in it's article, our analysis of environmentally harmful subsidies played a central role in CHN's discussion of both the challenges to, and potential from, EHS reform during the COP15 deliberations. Excerpt below:
"With one week left to strike a “once-in-a-generation” deal to protect nature in Montreal, Canada, governments are split over how to stop subsidising harmful activities like unsustainable fisheries and agriculture.
A report commissioned by Business for Nature estimates $1.8 trillion is spent each year on subsidising destructive activities for nature such as the growth of fossil fuels, monocultures and overfishing...
Opening the talks, UN secretary general Antonio Guterres said that divesting harmful subsidies is one of the key outcomes expected.
“[We need a deal] that addresses the root causes of this destruction — harmful subsidies, misdirected investment, unsustainable food systems, and wider patterns of consumption and production,” Guterres said.
Observers agreed that this will be one of the main clashing points, as it has been during the previous negotiations leading up to the Montreal summit. But the head of IUCN’s forests and land team Carole Saint-Laurent said these redirected subsidies could be a fresh source of resources.
“We see tremendous potential in redirecting harmful subsidies to investments in restoration of ecosystems,” said Saint-Laurent, who added this could become a “win-win” for all countries...