A new report by Earth Track states that Environmentally Harmful Subsidies have increased to at least $2.6 trillion a year, equivalent to 2.5% of global GDP. These subsidies harm nature and associated biodiversity, and slow global efforts to transition to lower-impact production methods and energy systems. The report notes that fossil fuel subsidies (FFS) have increased due to the Russia-Ukraine war, with increased subsidies in agriculture due to efforts to improve food security. Subsidies to fisheries, forestry, and water remain little changed due to data gaps. It emphasises the need for improved measurement and reporting of EHS, as well as increased engagement by businesses to address this issue.
