Soros Says IMF Should Provide $100B to Mitigate Climate Change Effects

Dec 14 2009 | 9:55am ET

Billionaire George Soros, who personally plans to invest $1 billion in clean technology, says the IMF should provide $100 billion to assist those countries most affected by climate change.

Speaking at a press conference during the climate talks in Copenhagen, Soros said the $10 billion promised by the developed world to assist less-developed nations was “not sufficient” and the gap between what was wanted and what was offered “could actually wreck the conference.”

Soros suggested the IMF divert funds now being used for financial systems hit by the economic downturn.

The question of assistance to developing nations was a major issue during last week’s discussions in the Danish capital. Developing nations already feeling the effects of climate change – like Tuvalu, Micronesia and the Maldives – have been calling on developed nations to cut their greenhouse emissions and provide financial assistance to help the most vulnerable nations cope.

The U.N. has suggested a fund with an initial contribution of $10 billion.

Soros has made a couple of investments in the cleantech sector, including a clean coal company Powerspan and the cellulosic ethanol company Qteros. Last October, in announcing his plans to invest in cleantech, Soros said he would “look for profitable opportunities,” but would also “insist that the investments make a real contribution to solving the problem of climate change.”

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