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Calling for subsidy reform to deliver a nature-positive economy

Finance Nature

Business for Nature and The B Team

New research commissioned by Business for Nature and The B Team identified the world is spending at least $1.8 trillion every year on subsidies that are driving the destruction of nature. To tackle climate and protect nature, harmful subsidies must be redirected.

Two weeks ahead of the UN Convention on Biological Diversity (CBD) meeting in Geneva, we launched new research revealing the scale and impact of environmentally harmful subsidies. A compelling summary report, campaign film, digital content and media materials shared a clear call to action. Influential leaders joined the campaign, including Mary Robinson, Elizabeth Mrema and Paul Polman.

“Greenhouse landed this piece of the policy puzzle just at the right time. The response from policymakers, businesses, and even major celebrities has been impressive; a reflection of the team’s tremendous dedication and collaborative perseverance. We are looking forward to continuing to work closely together.”

On 17 March, the $1.8 trillion figure hit the headlines globally. More than 270 media articles covered the story, reaching 15.7 million people in over 40 countries. 15 million people read the story on social media. The study received engagement from global influencers, including Leonardo di Caprio, Greta Thunberg and Christiana Figueres, putting pressure on policymakers to act.

Following the launch, policymakers from the EU and New Zealand have used the research to inform position statements on the Global Biodiversity Framework (GBF). The final GBF of CBD COP15 outlined how harmful subsidies need to be reformed or eliminated, with a numeric target of $500 billion, helping to reset the rules of our economic and financial systems and incentivise companies to choose nature positive outcomes.

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