Countries waste trillions of dollars on subsidies - World Bank

The World Bank said trillions of dollars wasted on subsidies for agriculture, fishing and fossil fuels could have been used to address climate change,

A new report, “Detox Development: Repurposing Environmentally Harmful Subsidies”, noted that spendings on the three sectors by governments reached $1.25trillion a year.

“If we could repurpose the trillions of dollars being spent on wasteful subsidies and put these to better, greener uses, we could together address many of the planet’s most pressing challenges,” Trotsenburg added. The World Bank says direct subsidies for agriculture – more than $635 billion a year – are driving the excessive use of fertilizers that degrade soil and water and harm human health.

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