A new analysis by Earth Track reveals that global spending on environmentally harmful subsidies has skyrocketed to at least $2.6 trillion annually, a $800 billion increase since 2022, largely driven by the war in Ukraine. These subsidies, which support fossil fuels, deforestation, and pollution across various sectors, directly conflict with international climate agreements such as the Paris Agreement and the Kunming-Montreal Biodiversity Agreement. Experts, including former UN climate chief Christiana Figueres, warn that these funds threaten efforts to combat climate change and biodiversity loss, emphasizing the urgent need for policy reform to redirect at least $500 billion in subsidies by 2030. Additionally, developing countries receive significantly less climate finance compared to the subsidies allocated to harmful industries, further entrenching environmental degradation. The report highlights that multinational corporations are the primary beneficiaries of these subsidies, which undermine sustainable development in vulnerable regions. Governments are called to address these issues at the upcoming COP16 in Colombia, as the current financial practices continue to jeopardize global climate and biodiversity targets.