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The craziest thing about the #ClimateCrisis and nature crisis?
We’re massively subsidising the causes: fossil fuels and farming.
The subsidies run at $23m a minute, according to one estimate in a big new @WorldBank report
🧵 1/12
theguardian.com/environment/20…
We’re massively subsidising the causes: fossil fuels and farming.
The subsidies run at $23m a minute, according to one estimate in a big new @WorldBank report
🧵 1/12
theguardian.com/environment/20…
💰💰💰💰
“These are trillions that we are throwing away, trillions that are doing harm. And yet we need that money,” says Richard Damania, World Bank chief economist for sustainable development
2/12
“These are trillions that we are throwing away, trillions that are doing harm. And yet we need that money,” says Richard Damania, World Bank chief economist for sustainable development
2/12
🌍🧑🤝🧑
“Subsidy reform is extremely urgent – in fact it is essential - if we are to safeguard both people and planet,” said @morgan_gillespy @FOLUCoalition
3/12
“Subsidy reform is extremely urgent – in fact it is essential - if we are to safeguard both people and planet,” said @morgan_gillespy @FOLUCoalition
3/12
🛢️⛽️
Let’s start with ‘explicit’ subsidies - taxpayers money handed out by governments. For fossil fuels, it was $577bn in 2021, double the subsidies for renewables, six times the international climate fund
4/12
Let’s start with ‘explicit’ subsidies - taxpayers money handed out by governments. For fossil fuels, it was $577bn in 2021, double the subsidies for renewables, six times the international climate fund
4/12
⛽️🛢️
Fossil fuels are “vastly underpriced", says the @WorldBank, while subsidy reforms “save lives”.
Pollution from fossil fuels causes 8.7m deaths a year, according to a 2021 study, one in five of all deaths globally.
theguardian.com/environment/20…
5/12
Fossil fuels are “vastly underpriced", says the @WorldBank, while subsidy reforms “save lives”.
Pollution from fossil fuels causes 8.7m deaths a year, according to a 2021 study, one in five of all deaths globally.
theguardian.com/environment/20…
5/12
🐄🌱
For farming, explicit subsidies were $634bn for 84 countries, so the total is much higher. The result? Such heavy overuse of fertiliser in places it actually cuts yields. 2.2m hectares of forest destroyed pa. Four million extra cases of malaria a year.
6/12
For farming, explicit subsidies were $634bn for 84 countries, so the total is much higher. The result? Such heavy overuse of fertiliser in places it actually cuts yields. 2.2m hectares of forest destroyed pa. Four million extra cases of malaria a year.
6/12
🐄🌱
Subsidies for agriculture are “unequal and unwise”, says the WorldBank: “Not only do these subsidies promote inefficiencies, but they also cause much environmental havoc.”
7/12
Subsidies for agriculture are “unequal and unwise”, says the WorldBank: “Not only do these subsidies promote inefficiencies, but they also cause much environmental havoc.”
7/12
💰🥵🫁
There are also ‘implicit’ subsidies, such as waived taxes and the cost of the damage caused by worsened global heating and air pollution. A conservative estimate puts those at $6 trillion but they could be $11tn a year, or more
8/12
There are also ‘implicit’ subsidies, such as waived taxes and the cost of the damage caused by worsened global heating and air pollution. A conservative estimate puts those at $6 trillion but they could be $11tn a year, or more
8/12
🎣
Total fishing subsidies are about $118bn a year and are a key factor in over-exploitation of marine life, which has left the oceans “in a collective state of crisis”, according to the WorldBank
9/12
Total fishing subsidies are about $118bn a year and are a key factor in over-exploitation of marine life, which has left the oceans “in a collective state of crisis”, according to the WorldBank
9/12
🚨Important 🚨 Most subsidies are regressive, i.e. they benefit the rich more than the poor. If you really want to tackle poverty, direct aid is far better.
Subsidies are entrenched and hard to reform because the greatest beneficiaries tend to be both rich and powerful
10/12
Subsidies are entrenched and hard to reform because the greatest beneficiaries tend to be both rich and powerful
10/12
🌎
Can the world stop subsidising its own destruction?
The path to subsidy reform is Communication, Compensation and Credibility, says @WorldBank
11/12
Can the world stop subsidising its own destruction?
The path to subsidy reform is Communication, Compensation and Credibility, says @WorldBank
11/12
Communication to build support, Compensation to protect the poor and Credibility to prevent backsliding. “[Change] will entail demanding policy reforms, but the costs of inaction will be far higher” says @WorldBank
12/12
theguardian.com/environment/20…
12/12
theguardian.com/environment/20…
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