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Detox Development Report
July 28 , 2023
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- A report titled “Detox Development: Repurposing Environmentally Harmful Subsidies” was released by the World Bank.
- The large amounts of money are wasted on subsidies for agriculture, fishing, and fossil fuels
- It could be utilized to tackle climate change and benefit humanity and the environment, rather than causing harm.
- The subsidies in the three sectors exceeded $7 trillion which amounted to 8% of the global gross domestic product.
- Explicit subsidies i.e. direct government expenditures in the three sectors amounted to $1.25 trillion.
- It is equal to the size of a big economy like Mexico.
- Implicit subsidies i.e. a measure of the subsidies’ impact on people and the planet amounted to over $6 trillion per year with the poor experiencing the larger burden.
- Countries spent $577 billion to actively lower the price of polluting fuels such as oil, gas, and coal in 2021.
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