UN report: food and fossil fuel systems cause $5bn of environmental damage per hour
The UN Global Environment Outlook, prepared by 200 researchers, estimates unsustainable food and fossil fuel production inflict about $5bn in environmental damage every hour and warns this threatens economies, health and national security while urging rapid policy and financial reform.
- The GEO report estimates $5bn of environmental damage every hour and about $45tn a year from production and pollution.
- The food system carries the largest share of damage at about $20tn a year, with transport at $13tn and fossil-fuel powered electricity at $12tn.
- The assessment says environmental crises are also political, economic and security emergencies that require systemic governance and financial reform.
- A summary for policymakers failed to reach agreement after objections from countries including Saudi Arabia, Iran, Russia, Turkey and Argentina.
- The report urges pricing externalities and removing harmful subsidies, and estimates climate action could deliver benefits of $20tn a year by 2070 and $100tn a year by 2100.