MARRAKECH, Morocco (Reuters) – World Bank President Ajay Banga called for discussions on reducing the $1.25 trillion spent each year on subsidies for agriculture, fuel and fisheries, which in turn have $5 to $6 trillion of environmental impact, as the world looks for urgently needed funds to address climate change.
“I’m not saying to get rid of all of those. I consider some of those subsidies mission-critical to the social contract with the government and its citizens. But I don’t believe that $1.25 trillion qualifies,” Banga told a panel at the annual meetings of the International Monetary Fund and World Bank.
“I just believe that this topic of subsidies needs discussion,” he said, acknowledging that it was not a popular topic given the politics involved.
(Reporting by Andrea Shalal; Editing by Alex Richardson)
