By Virginia Furness
LONDON, Oct 26 (Reuters) – Colombia, Finland and France agreed to step up efforts to identify and redirect $500 billion of annual subsidies that are – often unintentionally – harmful to biodiversity as the 17th UN conference on nature in Yerevan, Armenia, reached its mid-point on Monday.
• ‘Friends of Target 18’ – led by Colombia and Finland – will drive efforts to meet the globally agreed goal by 2030.
• Group will design a plan and help other countries redirect subsidies, formal framework not yet agreed.
• Subsidies considered harmful might, for example, encourage the felling of rainforest or offer state discounts on fertilisers and pesticides that damage soil and water.
• Broad support for initiative at COP.
• Subsidies can cost governments between $11 trillion and $24.7 trillion a year, the campaign group Conservation International estimates, as they often pay a second time to repair the damage done to the environment, health or infrastructure.
(Reporting by Virginia Furness; Editing by Kevin Liffey)
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