IMF on Climate Change: We Want to Play
Nicolas Loris /
The International Monetary Fund (IMF) is attempting to do what couldn’t be done at the international climate change conference in Copenhagen last December: Transfer large sums of wealth from developed countries to developing ones in the name of climate change. From BusinessWeek:
Dominique Strauss-Kahn, head of the International Monetary Fund, said the organization is helping to set up a “green fund” that would raise $100 billion a year by 2020 to mitigate the effects of climate change in developing countries.
Strauss-Kahn indicated the fund may use its quotas, which reflect member countries’ financial capacity and obligations within the IMF, to raise initial funding. The IMF would not manage the money raised, he said. Last year, an increase in quotas allowed the institution to boost global liquidity by more than $250 billion at the request of the Group of 20 leaders.”