Financing the Fight against Climate Change
In September 2009, the IMF distributed to its members $283 billion worth of Special Drawing Rights, with more than $150 billion going to the 15 largest developed countries. These countries should band together and lend $100 billion of their SDR allocations, which currently sit idle in their reserve accounts, to help developing countries fight the impact of climate change.
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COPENHAGEN – It is now generally agreed that the developed countries will have to make a substantial financial contribution to enable the developing world to deal with climate change. Funds are needed to invest in new low-carbon energy sources, reforestation and protection of rain forests, land-use changes, and adaptation and mitigation. But there is no similar agreement on where the money will come from.