ActionAid says ‘parasitic behaviour’ is fuelling the climate crisis and represents ‘corporate capture’ of public finance
More than $650bn (£494bn) a year in public subsidies goes to fossil fuel companies, intensive agriculture and other harmful industries in the developing world, new data has shown.
The subsidies entrench high greenhouse gas emissions and are fuelling the destruction of the natural world, according to a report from the charity ActionAid.
Developed countries are also actively subsidising such harmful activities. The UK, for instance, devotes about $7.3bn a year to effective subsidies for fossil fuels.
Taken altogether, the sums involved in the developing world would be enough to pay for the education of all children in sub-Saharan Africa three and a half times over, each year.
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