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The head of the International Monetary Fund on Monday proposed a plan for the world's governments to pool together to raise money needed to adapt to climate change, a rare step for an organization that normally does not develop environmental policies.
IMF Managing Director Dominique Strauss-Kahn said the Fund is concerned about the huge amount of funding needed and the effect that will have on the global economy. He added that the proposal may help efforts to reach a binding agreement on climate change later this year.
Strauss-Kahn proposed that countries adopt a quota system similar to the one the Fund uses to raise its own money, which could bring in money faster than proposals to increase carbon taxes or other fundraising methods... [snip]
He said a climate change accord reached last December estimated $100 billion a year will be needed by 2020 to fund the program...
The more than 190 nations will reconvene in Cancun, Mexico, later this year for attempt to reach a anotherbinding agreement to replace the Kyoto Protocol, which sets emissions targets for industrial countries and expires in 2012...
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