George Soros, the billionaire financier, unveiled a plan yesterday to lend poor countries $100bn to deal with the threat of climate change.
The money would come from the International Monetary Fund, from financial instruments known as special drawing rights. These SDRs, used to create liquidity, are a type of basket “currency” used as an accounting unit by the IMF, and generally held by countries as part of their reserves.
Speaking at the UN climate conference in Copenhagen, Mr Soros argued the reserves were unnecessary and should be lent to developing countries, through a “green fund”.
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