An anonymous reader quotes a report from the Guardian: The unsustainable production of food and fossil fuels causes $5 billion of environmental damage per hour, according to a major UN report. Ending this harm was a key part of the global transformation of governance, economics and finance required "before collapse becomes inevitable," the experts said. The Global Environment Outlook (GEO) report, which is produced by 200 researchers for the UN Environment Program, said the climate crisis, destruction of nature and pollution could no longer be seen as simply environmental crises. "They are all undermining our economy, food security, water security, human health and they are also [national] security issues, leading to conflict in many parts of the world," said Prof Robert Watson, the co-chair of the assessment. [...]
The GEO report is comprehensive -- 1,100 pages this year -- and is usually accompanied by a summary for policymakers, which is agreed by all the world's countries. However, strong objections by countries including Saudi Arabia, Iran, Russia, Turkey and Argentina to references to fossil fuels, plastics, reduced meat in diets and other issues meant no agreement was reached this time. [...] The GEO report emphasized that the costs of action were much less than the costs of inaction in the long term, and estimated the benefits from climate action alone would be worth $20 trillion a year by 2070 and $100 trillion by 2100. "We need visionary countries and private sector [companies] to recognize they will make more profit by addressing these issues rather than ignoring them," Watson said. [...]
One of the biggest issues was the $45 trillion a year in environmental damage caused by the burning of coal, oil and gas, and the pollution and destruction of nature caused by industrial agriculture, the report said. The food system carried the largest costs, at $20 trillion, with transport at $13 trillion and fossil-fuel powered electricity at $12 trillion. These costs -- called externalities by economists -- must be priced into energy and food to reflect their real price and shift consumers towards greener choices, Watson said: "So we need social safety nets. We need to make sure that the poorest in society are not harmed by an increase in costs." The report suggests measures such as a universal basic income, taxes on meat and subsidies for healthy, plant-based foods.
There were also about $1.5 trillion in environmentally harmful subsidies to fossil fuels, food and mining, the report said. These needed to be removed or repurposed, it added. Watson noted that wind and solar energy was cheaper in many places but held back by vested interests in fossil fuel. The climate crisis may be even worse than thought, he said: "We are likely to be underestimating the magnitude of climate change," with global heating probably at the high end of the projections made by the Intergovernmental Panel on Climate Change. Removing fossil fuel subsidies could cut emissions by a third, the report said.
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