Mail & Guardian
April 4, 2022
Can humanity curb spending that harms the world’s biodiversity and instead focus funding on protecting it? That question is at the heart of negotiations in Geneva, which will set the stage for a crucial United Nations COP15 biodiversity summit in China later this year.
Almost 200 countries are to adopt a global framework to safeguard nature by mid-century from the destruction wrought by humanity, with a key milestone of 30% protected by 2030.
These ambitions will only be met with a new approach to biodiversity funding and a rethink of the huge sums spent on subsidies harmful to nature such as fossil fuels, agriculture and fishing, according to observers. This can often result in environmental destruction and encourage unsustainable levels of production and consumption.
The exact figure that the world spends on these harmful subsidies is debated, although the group Business for Nature estimates that it could be as much as $1.8-trillion every year, or 2% of global GDP.