Soros advises developed countries to set up green funds

Developed countries use special Drawing Rights (SDRs) to establish this fund, without the need to increase the budget, can use existing resources to achieve assistance to developing countries to reduce emissions and adaptation action Huangshan, who appeared in Copenhagen as president of the Open Society Institute in New York at the Copenhagen climate Summit, George Soros　　, said in a speech on the morning of December 10, the developed countries in the next three years to the developing countries 10 billion of dollars in climate funding, it is impossible to meet the latter's needs.　　He therefore suggested that, in addition to the $10 billion trillion, developed countries should spend the next 25 years on a special green fund for the $100 billion worth of special drawing Rights (SDRs), which will be issued in September this year, to meet the needs of developing countries to reduce emissions and adapt to climate change. On August 28 This year, the International Monetary Fund (IMF) issued a special drawing right equivalent to $250 billion in 186 member countries, with the "total allocation" being distributed in proportion to the existing share of Member States.　　The United States received 42.7 billion dollars, Japan won 15.3 billion dollars, Germany won 14.9 billion U.S. dollars, the United Kingdom and France each received 12.3 billion dollars. In addition, on September 9, the IMF issued a one-off SDR of about 33 billion dollars through a "special assignment".　　This distribution is not distributed by share, focusing mainly on SDRs held in 42 countries that joined the IMF 1981 years later. The new equivalent of $283 billion trillion in special drawing rights, 150 billion of dollars to the developed world.　　What Soros is targeting is the equivalent of 150 billion dollars in special drawing rights. "These 150 billion dollars are the new foreign exchange reserves of the developed world, and they don't really need these extra reserves." Therefore, it seems to me better to use available resources than to provide climate finance to developing countries in a way that increases the budgets of the developed countries, since it does not necessarily increase the country's budget deficit.　　"Mr Soros said.　　In addition, Soros further suggested that the IMF Member States should agree to use the current market value of up to 100 billion U.S. dollars of 100 million ounces of gold reserves, as a guarantee of the developed countries to the special green funds to provide loans to the principal and interest payments. Soros stressed that there are three benefits: the first is that the green Fund itself has the financing and profitability, so the IMF's gold payment guarantee is not actually used; the second is that the Green Fund is good for the carbon market, because the Green Fund's emissions reduction and adaptation projects in developing countries will be profitable only if the carbon market is eventually established.　　The third is that the money is ready-made. "Developing countries should also support this initiative. "he said. This article comes from Hu Shuli our network