IMF suggests how to raise climate change funds

Source Associated Press

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. He only provided a broad outline of the plan, as the organization will release a paper later this week with full details. It is unclear how the proposal will be received.