Brief: Almost 1% of global GDP spent on ‘destructive’ ag, fishing & forestry subsidies each year (Ag Fund News)

Ag Fund News published an article stating that Agriculture receives $520 billion in “environmentally harmful subsidies” each year, second only to the fossil fuel industry’s $640 billion. Forestry gets $155 billion, while fishing is paid $50 billion. These subsidies — two-thirds of which have “no strings attached,” contribute to soil erosion, greenhouse gas emissions, and biodiversity loss. The report, Repurposing agricultural policies and support: Options to transform agriculture and food systems to better serve the health of people, economies, and the planet  from the World Bank and IFPRI argued for “repurposing” ag subsidies for “climate-smart innovations that both increase agricultural productivity and reduce greenhouse gas emissions.”