UN chief says ‘subsidising fossil fuels is subsidising suicide’

At a recent event in Yerevan, UN Secretary-General Antonio Guterres called for an end to subsidies for fossil fuels, emphasizing that such support is akin to "subsidising suicide." The UN chief urged world governments to redirect the funds saved from eliminating these subsidies towards people and the planet. Guterres highlighted that despite pledges made in 2022 to reduce public spending on activities detrimental to nature, such as mining, fossil fuel extraction, and intensive farming, significant progress has not been made.

He pointed out that for every dollar invested in preserving or restoring nature, approximately $30 is still directed towards activities that harm the environment and climate. The UN estimates that about $2.6 trillion annually is spent on public subsidies that negatively impact nature. Nearly 200 nations are set to participate in UN biodiversity negotiations in Yerevan, with the lack of financial support for nature expected to be a key focus.

Guterres recently released a report indicating that the world is falling behind on meeting the 2030 biodiversity targets outlined in a landmark global pact for nature.