Redirecting subsidies for the good of nature | China Dialoguehttps://chinadialogue.net/en/nature/redirecting-subsidies-for-the-good-of-nature/lot of money is needed to prevent spiralling biodiversity loss; somewhere between US$598 billion and US$824 billion a year, according to the Nature Conservancy and Paulson Institute. The good news is that around half of that could be met with existing finance, redirected from activities that damage nature to those that enhance it.
The bad news is countries already agreed to do this in 2010, but most failed to even identify what subsidies they were promoting that caused problems, never mind reform them. The value of subsidies that harm biodiversity has been estimated to be five or six times higher than finance for promoting conservation and sustainable use of biodiversity.
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Several recent major reports have stressed the importance of reforming subsidies. In January, an overview of biodiversity finance by environmental think-tank Global Canopy warned that even with increased investment from the private sector, the biodiversity funding gap would likely not be filled unless harmful subsidies estimated at US$1 trillion were redirected to nature-positive activities.
The Dasgupta review, commissioned by the UK Treasury, also argued for subsidy reform aimed at protecting nature, noting that current government subsidies for agriculture, fisheries, forestry and mining encouraged overexploitation.
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lot of money is needed to prevent spiralling biodiversity loss; somewhere between US$598 billion and US$824 billion a year, according to the Nature Conservancy and Paulson Institute. The good news is that around half of that could be met with existing finance, redirected from activities that damage nature to those that enhance it.
The bad news is countries already agreed to do this in 2010, but most failed to even identify what subsidies they were promoting that caused problems, never mind reform them. The value of subsidies that harm biodiversity has been estimated to be five or six times higher than finance for promoting conservation and sustainable use of biodiversity.
...
members of the World Trade Organization (WTO) have been discussing fishing subsidies since 2001. Governments had agreed in 2015 to eliminate subsidies that support illegal, unreported, and unregulated fishing and prohibit subsidies that contribute to overfishing and overcapacity by 2020, but missed the deadline.