The Hungarian-born financier George Soros has suggested that an immediate way for industrialised nations to get USD 100 billion to fund developing country climate mitigation would be to tap into the wealth of Special Drawing Rights resources at the International Monetary Fund (IMF).
The issue of funding developing nations in their attempts to offset the effects of climate change, is one of the major topics of contention at the COP15 Climate Summit.
Soros suggests that the funds could be paid into a Green Fund which could pay for climate projects in the developing world.
“It’s a simple and practical idea on how to make USD 100 billion available to developing countries to battle climate change. All that is needed is the political will,” Soros tells a 100-person audience in one of the COP15 meeting rooms at the Bella Center.
Soros says that his proposal cannot stand alone, and that there are already proposals to provide USD 10 billion for developing countries in 2010, 2011 and 2012. Taxes on shipping fuel could be another option he adds.
“The money that is on the table already is not enough given the major problem that is climate change. So it would be a great success if my proposal became part of the agreement here in Copenhagen,” Soros says, adding that while he would expect opposition from the United States, other governments he has spoken to appear positive.
“There seems to be broad support and I hope they will come forward with that support,” Soros says.
Quotes are translated from Danish
Edited by Julian Isherwood