World Bank urges using 'wasted' subsidies to fight climate change

WASHINGTON – Trillions of dollars which could be used to tackle climate change are being wasted on harmful and unnecessary subsidies, the World Bank said in a report Thursday.

“If we could repurpose the trillions of dollars being spent on wasteful subsidies and put these to better, greener uses, we could together address many of the planet’s most pressing challenges,” he added. Fossil fuel subsidies alone make up around six times what countries pledged to mobilise annually under the Paris Agreement for renewable energies and low-carbon development, the bank said.

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