"A United Nations document on "climate change" that will be a major environmental event envisions a huge reordering of the world economy, likely involving trillions of dollars in wealth transfer, millions of job losses and gains, new taxes, industrial relocations, new tariffs and subsidies, and complicated payments for greenhouse gas abatement schemes and carbon taxes — all under the supervision of the world body"
link ~ THE ROAD TO COPENHAGEN DECEMBER 7-18 2009
IMF staff proposes ‘green fund’ for climate change
3/28/2010
WASHINGTON: A “Green Fund” designed to help nations meet climate-change pledges would sell bonds in global markets and use the proceeds to help poor countries deal with the effects of global warming, International Monetary Fund staff proposed in a report.
The report expands upon an idea mentioned by IMF Managing Director Dominique Strauss-Kahn earlier this month as a way to raise $100bn a year by 2020.
The plan offers a mechanism for rich nations to honor their agreement from last year’s Copenhagen climate summit to provide that amount of money to developing countries to confront drought, flooding, food shortages and disease exacerbated by global warming. Governments could inject reserve assets in the fund, including those disbursed by the IMF last year, it said. The IMF staff plan also calls for wealthy nations to provide separate subsidies to help finance grants, according to the report.
“Once created, the Green Fund could provide a unified resource mobilization framework capable of meeting the financing needs identified at Copenhagen for decades to come,” the IMF staff paper said.
The climate fund is aimed at encouraging progress on negotiations towards a global agreement on curbing carbon emissions. The Intergovernmental Panel on Climate Change forecasts as many as 250 million Africans may be exposed to water shortages by 2020 and some countries may see harvests fall by 50 percent.
The US delegation led by President Barack Obama drafted the Copenhagen Accord along with China, Brazil, India and South Africa to salvage the December climate summit after they failed to reach a global agreement on curbing greenhouse gas emissions. The European Union, Japan, Canada and India also signed up to the agreement.
January 31, 2010 ~ IMF proposes $100 billion 'green finance' fund
LINKS ~ COPENHAGEN ARTICLES ~ "GREEN FUND"
