Colombia and Finland Lead Subsidy Reform Effort
Colombia and Finland are leading a new initiative to identify and redirect five hundred billion dollars in annual subsidies that harm biodiversity. The effort supports global goals to protect nature by helping governments reform environmentally damaging state support.
Colombia and Finland launched an initiative during Monday morning sessions to reform $500B in annual subsidies that harm biodiversity. The agreement comes as the UN biodiversity conference reaches its midpoint in Armenia. Redirecting these funds is critical to meeting global conservation goals by 2030.
The newly formed Friends of Target 18 coalition, which includes France, will design a framework to help governments phase out harmful state support. Such subsidies often fund activities like rainforest clearing or provide agricultural discounts on soil-degrading chemicals. A formal framework has not yet been established, but the campaign has gathered broad backing among delegates.
