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.
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.