March 8, 2010

  • A d v e r t i s e m e n t
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Global financier the International Monetary Fund has switched its attention to the environment with a plan for the world’s governments to pool together to raise money needed to adapt to climate change.

IMF managing director Dominique Strauss-Kahn said the fund was worried about the huge amount of money 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.

Mr Strauss-Kahn proposed that countries adopt a quota system similar to the one it uses to raise its own money, which could bring in money faster than proposals to increase carbon taxes or other fundraising methods.

He only provided a broad outline of the plan, as the organisation will release a paper later this week with full details.

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