World spends $1.8tn a year on subsidies that harm environment, study finds

An electoral poster objecting to a proposed ban on subsidies for Swiss farms. A 2021 report found almost 90% of global farming subsidies are harmful. Photograph: Fabrice Coffrini/AFP/Getty

The world is spending at least $1.8tn (£1.3tn) every year on subsidies driving the annihilation of wildlife and a rise in global heating, according to a new study, prompting warnings that humanity is financing its own extinction.

From tax breaks for beef production in the Amazon to financial support for unsustainable groundwater pumping in the Middle East, billions of pounds of government spending and other subsidies are harming the environment, says the first cross-sector assessment for more than a decade.