Obama Must Alienate Robin Hood Types like George Soros, the Most Despicable Billionaire on the Planet in Capitalist Pig Bob's Opinion ...

COPENHAGEN (Dow Jones)--Financier George Soros, who's declared he will invest up to $1 billion in low-carbon energy technology, waded into the dispute Thursday over how to finance efforts by poor countries to combat climate change by proposing rich nations tap into special currency reserves issued by the International Monetary Fund.

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Soros used the forum of the United Nations climate summit here to suggest that rich nations finance climate subsidies for developing nations by tapping into some of the $283 billion in special drawing rights that the International Monetary Fund issued to respond to the global financial crisis earlier this year. More than $150 billion of those rights went to the 15 biggest developed economies, he said. Special drawing rights, or SDRs, are a form of composite currency issued by the IMF to its members.
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Soros is one of a cadre of global business and political figures in Copenhagen hoping to sway the bargaining among 190 nations over what should be done to cut global carbon dioxide emissions linked to a trend of rising temperatures, and who should pay the price. The conference is scheduled to end Dec. 18 with a gathering of world leaders.
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The U.N.'s chief climate negotiator said Thursday that "some progress" is being made toward deals world leaders can consider next week.
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"There is real seriousness now to negotiate, good progress is being made in a number of areas, especially in the area of technology," said Yvo de Boer, the executive secretary of the U.N. Framework Convention on Climate Change. Countries agreed that a new "executive body" should be set up and would be responsible "for accelerating action on technology development and transfer."
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The transfer of technology to developing countries to help them limit their greenhouse emissions is a delicate matter in the talks, because it opens up to issues such as intellectual property rights and patents. It also opens up a profit opportunity for companies and investors with solar panels, wind turbines, carbon scrubbers and other technology to sell.
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Soros announced about two months ago that he would invest up to $1 billion in "clean-energy technology." He also announced the formation of the Climate Policy Initiative to address global warming, and said he would fund it with $10 million a year over 10 years.
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Without action to put limits on consumption of fossil fuels, however, some clean energy bets may not pay out, because fuels such as coal and oil are cheap, still abundant, and don't require expensive new technology. Poor countries are calling on the U.S. and the European Union to subsidize investments in clean energy technology.
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"Rich countries could double available funding to combat climate change by donating recently issued special drawing rights to a new green fund," Soros said in a statement. "This fund would jump-start investment in low carbon energy sources, reforestation efforts, rain forest protection, land use reform, and adaptation programs."
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Developing countries, backed by some non-governmental organizations, expressed support for Soros' idea.
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"As we are sitting now, the IMF is sitting with more than $200 billion of SDRs that are not being used," said Lumumba Stanislaus Di-Aping, Sudan's ambassador to the United Nations and chairman of the Group of 77 and China, during a press conference Thursday. Issuing that money wouldn't create inflation, but just "effective demand," he said.
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European Union representatives were more cautious.
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"We have to be very careful in the way we use the special drawing rights. It is an instrument which can be used in very specific situations," said Artur Runge-Metzger, one of the E.U. lead negotiators, in a separate press conference. "There is no way we can just print money in order to make sure there is sufficient finance on the table."
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The International Monetary Fund couldn't immediately comment on Soros' proposal, an IMF spokesman said.
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-By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88; alessandro.torello@dowjones.com
(Devon Maylie in London contributed to this article.)
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(END) Dow Jones Newswires
December 10, 2009 14:42 ET (19:42 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.- - 02 42 PM EST 12-10-09
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