An alarming new report by the World Bank shines a light on the devastating effects of subsidies for industries like fossil fuels, farming, and fishing. These “toxic” subsidies are causing what the Bank refers to as “environmental havoc,” with harmful impacts felt by both people and the planet.

Source: Vox/Youtube

The report reveals that these subsidies total at least $7.25tn a year. To put it in perspective, that’s over $2m every minute. They’re not just taking a toll on the environment – many countries are spending more on these subsidies than on health, education, or poverty reduction.

Surprisingly, the majority of these subsidies benefit the rich more than the poor. A portion of this funding could be repurposed to aid those most in need and to tackle the pressing climate and natural crises we face today.

One such subsidy is those provided to the fossil fuel industry. At a staggering $577bn, these explicit subsidies for coal, oil, and gas in 2021 were twice as large as those for renewable energy. This practice, ironically, occurs simultaneously with global efforts to combat Climate change.

Agricultural and fishing subsidies also contribute significantly to this issue. These funds, which promote inefficiencies and environmental damage, were responsible for the destruction of millions of hectares of forest each year.

The World Bank’s report, titled “Detox Development,” calls for urgent reforms in subsidies. It presents a roadmap for this transformation, highlighting the importance of effective communication and compensation.

Reforming these harmful subsidies is not just necessary for our planet’s health but could also serve as a crucial source of funding for environmental initiatives. As the report rightly points out, the costs of inaction will be much higher. Now more than ever, it’s time to ensure our funds are used wisely and sustainably.

Planet B Not Found Tee by Tiny Rescue: Climate Collection

Related Content:

• World Spends $1.8 Trillion Per Year on Subsidies That Harm the Environment
• Greening the Grill: How Treating Beef Like Coal Can Help Save the Planet
• Experts Call for 20% Fat Taxes on Unhealthy Food and Subsidies for Healthy Food
• Green Your Home and Get a Tax Break: A Guide to Making Your Abode Energy Efficient
• 70% of United States Now Consuming Plant-Based Foods, New Report Finds

Easy Ways to Help the Planet:

• Eat Less Meat: Download Food Monster, the largest plant-based Recipe app on the App Store, to help reduce your environmental footprint, save animals and get healthy. You can also buy a hard or soft copy of our favorite vegan cookbooks.
• Reduce Your Fast Fashion Footprint: Take initiative by standing up against fast fashion Pollution and supporting sustainable and circular brands like Tiny Rescue that raise awareness around important issues through recycled zero-waste clothing designed to be returned and remade over and over again.
• Support Independent Media: Being publicly funded gives us a greater chance to continue providing you with high-quality content. Please consider supporting us by donating!
• Sign a Petition: Your voice matters! Help turn petitions into victories by signing the latest list of must-sign petitions to help people, animals, and the planet.
• Stay Informed: Keep up with the latest news and important stories involving animals, the environment, sustainable living, food, health, and human interest topics by subscribing to our newsletter!
• Do What You Can: Reduce waste, plant trees, eat local, travel responsibly, reuse stuff, say no to single-use plastics, recycle, vote smart, switch to cold water laundry, divest from fossil fuels, save water, shop wisely, Donate if you can, grow your food, volunteer, conserve energy, compost, and don’t forget about the microplastics and microbeads lurking in common household and personal care products!