Construction

Protecting Nature by Reforming Environmentally Harmful Subsidies: An Update

This report updates our 2022 analysis on environmentally harmful subsidies (EHS). The Kunming-Montreal Global Biodiversity Framework (GBF) was adopted in December 2022 to protect and restore nature. The GBF included Target 18, the first quantitative EHS reduction goal, which commits parties to reduce EHS by $500 billion annually by 2030.  The Biodiversity Beyond National Jurisdiction (BBNJ) Agreement, or the “High Seas Treaty”, was passed in 2023 and now has 92 signatories (though far fewer ratifications).

Protecting Nature by Reforming Environmentally Harmful Subsidies: The Role of Business

Industry-specific reviews of government subsidies have been much more common than analyses examining several natural resource sectors at once. Yet there is a great deal of overlap across sectors. Indeed, it is the combination of support provided by multiple levels of government and government programs, across numerous natural resource areas, that can accelerate resource depletion, pollution, or habitat loss in particular regions.

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