There is a warning that the Copenhagen climate change summit could be wrecked by a shortfall in the funding poor countries will need to reduce CO2 emissions.
It comes from the Hungarian-American billionaire philanthropist George Soros, who has unveiled his own funding plan at the summit.
He says the money currently being proposed is no where near enough, and the best solution is to tap into what is referred to as “sleeping money”.
Soros told euronews that developed countries could take special funding resources given to them by the IMF and invest a portion of that in carbon-cutting projects in poor nations. The IMF made these resources available to help combat the recession.
Soros also proposes that IMF gold reserves could be used as a kind of guarantee. He acknowledges, though, there’ll be obstacles to the plan, including US Congress and IMF approval.
Euronews reporter at the summit, Johannes Bahrke, said: “There are different proposals on the table on how to help poor countries adapt to climate change. There are basically two concerns: that the money is available quickly, and that it is not taken away from other projects.”