$2.6tn spent annually on subsidies that harm the environment, and other nature and climate stories you need to read this week

Published Sep 26, 2024 · Updated Sep 26, 2024

Fossil fuel subsidies are the largest contributor amongst all of the sectors analyzed in the report. Image: Unsplash/Ben Wicks

Tom Crowfoot

Writer, Forum Stories

This article is part of: Sustainable Development Impact Meetings

This weekly round-up contains the key nature and climate news from the past week.
Top nature and climate news: $2.6tn a year spent globally on nature-damaging subsidies; Global warming impacts weather forecasts; 'Butterfly emergency' declared.

1. World spends $2.6tn a year on subsidies that harm nature

New research reveals that $2.6tn is spent annually on environmentally harmful subsidies (EHS), equivalent to 2.5% of global GDP.

Spending on EHS is up by an estimated $800 billion globally compared with two years ago, or roughly $570 billion higher net of inflation, estimates research consultancy Earth Track.

Its report identifies the war in Ukraine as the main driver behind the rise, leading to increased fossil fuel subsidies in 2022 as governments tried to protect consumers from price hikes.

Estimated EHS by sector. Image: Earth Track

The conflict has also impacted the agricultural sector, the second largest contributor, where subsidies were needed to address food insecurity.

Earth Track emphasized the urgent need to engage businesses in addressing EHS, highlighting opportunities for innovation and private-sector solutions.

2. Global warming is making El Niño and La Niña forecasts less certain

The Bureau of Meteorology is changing its communications about climate events because the climate crisis is making predictions based on past data less reliable.

"The number of times when the climate is inconsistent with what we saw in the past will only increase," said Dr. Karl Braganza, National Manager of Climate Services at the Bureau, in an interview with The Guardian.

Rather than relying on historical data, the bureau now urges the public to consult its long-range forecasts. These forecasts incorporate real-time ocean and atmospheric observations, including shifts in greenhouse gas concentrations, and are generated using physics-based models.

3. News in brief: Other top nature and climate stories this week

In-vitro fertilization (IVF) coral colonies planted in the Caribbean have survived a mass bleaching event, The Guardian reports. The marine heatwave harmed 75% of older corals, while just 10% of the IVF corals were damaged by the climate event.

UK wildlife charity Butterfly Conservation has declared a "butterfly emergency" after its annual Big Butterfly Count revealed an almost 50% decline in butterfly numbers compared to the previous year.

Fossil fuel companies have spent more than $5.6 billion on 'sportwashing' across a range of sports such as football, motorsports, rugby union and more, according to a report by the New Weather Institute.

Eighty percent of emissions could be cut from oil and gas production facilities by switching to electricity generated from renewables or natural gas designated for burning, finds a report from Rystad Energy.

Water levels of the rivers in the Amazon basin have reached historic lows after facing its worst drought on record.

GenZero, Singapore's low-carbon, state-backed investment firm, has announced plans to work with Rwanda on projects to generate carbon credits.

The UK's vast carbon sinks need more protection, scientists warn, after 244 million tonnes of organic carbon was found in the top 10cm of marine sediment in British waters.

Discover

How is the World Economic Forum fighting the climate crisis?

The Global Risks Report 2023 ranked failure to mitigate climate change as one of the most severe threats in the next two years, while climate- and nature- related risks lead the rankings by severity over the long term.

The World Economic Forum’s Centre for Nature and Climate is a multistakeholder platform that seeks to safeguard our global commons and drive systems transformation. It is accelerating action on climate change towards a net-zero, nature-positive future.

Learn more about our impact:

Scaling up green technologies: Through a partnership with the US Special Presidential Envoy for Climate, John Kerry, and over 65 global businesses, the First Movers Coalition has committed $12 billion in purchase commitments for green technologies to decarbonize the cement and concrete industry.
1 trillion trees: Over 90 global companies have committed to conserve, restore and grow more than 8 billion trees in 65 countries through the 1t.org initiative – which aims to achieve 1 trillion trees by 2030.
Sustainable food production: Our Food Action Alliance is engaging 40 partners who are working on 29 flagship initiatives to provide healthy, nutritious, and safe foods in ways that safeguard our planet. In Vietnam, it supported the upskilling of 2.2 million farmers and aims to provide 20 million farmers with the skills to learn and adapt to new agricultural standards.
Eliminating plastic pollution: Our Global Plastic Action Partnership is bringing together governments, businesses and civil society to shape a more sustainable world through the eradication of plastic pollution. In Ghana, more than 2,000 waste pickers are making an impact cleaning up beaches, drains and other sites.
Protecting the ocean: Our 2030 Water Resources Group has facilitated almost $1 billion to finance water-related programmes, growing into a network of more than 1,000 partners and operating in 14 countries/states.
Circular economy: Our SCALE 360 initiative is reducing the environmental impacts of value chains within the fashion, food, plastics and electronics industries, positively impacting over 100,000 people in 60 circular economy interventions globally.

Want to know more about our centre’s impact or get involved? Contact us.

4. More on the nature and climate crisis on Agenda

The World Economic Forum hosts the Sustainable Development Impact Meetings (SDIM) this week, where business leaders, policymakers, innovators and others are convening to help advance the UN Sustainable Development Goals.

You can find out more about the meeting in our explainer here and follow all the action here. Below is a selection of key Forum publications that align with the themes of this year's SDIM.

The role of corporate philanthropy in climate and nature action. Less than 5% of reported global corporate philanthropic funding is directed towards climate and nature-related themes. The report analyzes the current state of corporate philanthropy towards climate and nature, and profiles success stories from eight GAEA (Giving to Amplify Earth Action) corporate partners.

Investing in natural capital: Innovations supporting much-needed financing for nature. Over half of the world’s total GDP – amounting to $44 trillion – is classed as moderately or highly dependent on nature and the services it provides. This report explores the need to elevate and scale the innovative financial instruments, new business models and advanced technologies currently supporting the natural world.

Governing marine biodiversity beyond national jurisdiction: roles and opportunities for the private sector. The High Seas Treaty, signed by UN member states in 2023, aims to govern maritime areas beyond national jurisdiction. It will impact private-sector activities in shipping, pharmaceuticals, telecommunications, and food production. This report offers guidance on how to navigate upcoming regulations and participate in the design of implementation strategies.