At COP16, the UN conference on biodiversity in Cali, Colombia, governments are aiming to identify $700 billion annually to restore nature. However, each year, trillions are spent on harmful subsidies directed towards fossil fuels, agriculture, and fisheries. The United Nations Development Programme (UNDP) is highlighting this issue as a hidden drain on financing that could be more efficiently utilized in programs to stop biodiversity loss.
UNDP is providing guidance on reallocating government subsidies from the fishing, agriculture, and energy industries. The goal is to spend these funds more effectively to meet the UN's targets for environmental protection. During the conference, Michelle Begue discussed these initiatives with Marcos Neto, UNDP Director of Policies, shedding light on strategies to enhance financial efficiency and environmental impact.
Reference(s):
cgtn.com
