Opinion

'I have a way' to unlock climate finance: Soros

(China Daily)
Updated: 2009-12-11 08:30

COPENHAGEN: Billionaire financier George Soros said Thursday he had found a path to unlock a Copenhagen stalemate on climate finance, using International Monetary Fund assets.

UN talks in the Danish capital, meant to agree the outline of a new climate treaty to succeed the Kyoto Protocol, are stuck on splitting the bill to cut carbon emissions and prepare for more droughts, floods and rising seas.

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Soros said developed countries could invest a portion of their $283 billion IMF special drawing rights in carbon-cutting projects in developing nations.

The projects themselves would pay the interest on the proposed $100 billion to be spent over the next decade, and IMF gold reserves would guarantee the principle and interest.

Soros acknowledged a series of obstacles to his proposal, including U.S. Congress approval, IMF director approval and a global carbon price.

Reuters