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Subsidizing extinction: Subsidies, Sustainable Development Goals and the World Trade Organization

March 3 @ 10:00 am - 11:30 am

Free

The ocean and biodiversity support our life, yet both are being degraded by direct (e.g. overexploitation, climate change) and indirect (e.g., unsustainable consumption) drivers. A key policy-related driver of ocean and terrestrial biodiversity degradation is harmful subsidies, i.e., government transfers to an economic sector, such as fishing and oil and gas, that lead to artificially inflated profits, and result in overexploitation and other extractive activities with large environmental impacts.

The environmental, economic, trade, and social effects of harmful subsidies are well- recognised by scientists, policy makers, and the public alike. This recognition is the reason why the elimination of harmful subsidies are stipulated in the Aichi Targets of the Convention on Biological Diversity (CBD) and the United Nations’ Sustainable Development Goals (SDGs). It is because of these effects that the World Trade Organization (WTO) has been mandated by the global community to work with its members towards removing harmful subsidies.

WTO members were supposed to have concluded their ongoing negotiations on removing harmful fisheries subsidies, at a Ministerial Meeting scheduled to be held from November 30 to December 3, 2021. Sadly, the Omicron variant forced a postponement of this important meeting, which should be rescheduled for early 2022, COVID-19 permitting.

In this webinar, we bring together leading experts with a range of expertise in, and perspectives on, harmful subsidies to share their knowledge about and vision for improving the environmental, social, economic, and trade implications of harmful subsidies. The panelists will discuss how removing and redirecting harmful subsidies (estimated at $27.5 billion Canadian dollars per year for marine fisheries alone) could support people and the environment at the same time. The webinar will also provide a forum to discuss responses and actions that are needed at individual, community, governmental and intergovernmental (e.g., the WTO) levels to address the increasing threats from harmful subsidies with respect to biodiversity and the livelihoods of millions worldwide.