IMF Proposes 100-Billion-Dollar Climate Fund

This is a defeat for the climate naysayers. This is a positive step in the fight against global warming. But the question is whether it's enough. Climate change is devastating the planet. And it doesn't help that we have a movement in the U.S. that crazily denies global warming:

The International Monetary Fund (IMF) has published the first details of a proposed financing framework, dubbed the 'Green Fund', intended to mobilise 100 billion dollars a year by 2020 to help developing countries cope with the consequences of climate change and mitigate further emissions.

Outlined in a staff paper by IMF economists Hugh Bredenkamp and Catherine Pattillo, the Green Fund could launch from a capital injection by developed countries, in the form of Special Drawing Rights (SDRs), a currency issued by the IMF to member countries.

The facility would eventually combine resources from investors, raised through 'green bonds' in global capital markets, with developed country subsidies. Contributors could scale their equity stakes in proportion to their IMF quota share.

Aid would then be extended in the form of grants or highly concessional loans to developing countries but the IMF would not finance or manage the Fund, according to the authors.

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