Military Expenditure Takes Precedence Over Climate, Surpassing $2 Trillion Benchmark

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Military Expenditure Takes Precedence Over Climate, Surpassing $2 Trillion Benchmark

The global military expenditure has reached an all-time high, passing $2 trillion in 2021, according to a report by a leading defence think-tank based in Sweden, as spending increased for the seventh consecutive year.

The Sweden-based Stockholm International Peace Research Insititute (SIPRI) announced that the global expenditure on the military had touched the $2 trillion mark for the first time. The United States, China, India, the United Kingdom and Russia accounted for more than 62 per cent of the global military expenditure. Despite the onset of the worldwide health pandemic, countries worldwide continued to enrich their defence arsenal, with the spending on the military increasing by 0.7 per cent in 2021. Russia invaded Ukraine on February 24, and the country's military spending increased by 2.4 per cent, thereby taking the total amount to $65.9 billion.

Russia Spends Over 4$ Of Their GDP On Military

"In 2021, military spending rose for the seventh consecutive time to reach $2.1 trillion. That is the highest figure we have ever had," Diego Lopes da Silva, senior researcher at SIPRI, Al Jazeera, reported. Russia spends around 4.1 per cent of their GDP on their military, which is much higher than the global average. Moreover, Moscow is also the fifth-largest military spender in the world. As tensions have risen in Europe, NATO countries have also significantly increased their military expenditure. In the West, the US takes over any other state with a price of $801 billion, which was reduced by 1.44 per cent, against the global trend.

Impending Climate Crisis: The Biggest 'Existential Threat'

The development comes when the world is dealing with an impending climate crisis. The United Nations overwhelmingly accepted that climate change is a significant threat to humanity. The UN said that even though there were countless solutions to tackle the 'existential threat' of our times, it was not clear how these solutions would be paid for. More than a decade ago, developed countries had pledged $100 billion for the environment by 2020, and climate finance heavily falls short of how much the world is spending to build its arsenal.

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