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Soros: $10B Climate Aid Is Not Enough

From his fans at the Associated Press:

Soros: Finance gap could ‘wreck’ climate talks

By Charles J. Hanley, AP Special Correspondent

December 10, 2009

COPENHAGEN – The $10 billion a year proposed by rich nations to help the poor adapt to climate change is "not sufficient" and the gap between what’s offered and what’s needed could wreck the Copenhagen climate conference, American billionaire George Soros said Thursday.

At a European Union summit in Brussels, meanwhile, wealthier members of the 27-nation bloc were having to press poorer, reluctant neighbors in Eastern Europe to contribute to the $10 billion fund.

"Europe should take its fair share" of the $5 billion to $7 billion a year target sum for 2010-2012, said Swedish Prime Minister Frederik Reinfelt, whose country holds the EU’s rotating presidency.

The EU is expected to announce later Thursday the amount of money it will offer to impoverished, developing nations. Britain has said it will contribute $1.3 billion over three years, and Sweden will give euro 800 million ($1.2 billion).

Soros, one in a line of international notables visiting the 192-nation Copenhagen meeting, told reporters he had developed a partial solution on funding. The investor-philanthropist suggested shifting some International Monetary Fund resources from providing liquidity to stressed global financial systems to a new mission of financing projects in developing countries for clean energy and adapting to climate change.

About $100 billion in a one-time infusion could be generated, said Soros, a major supporter of causes in the developing world.

But he acknowledged a major roadblock in Washington.

"It is possible to substantially increase the amount available to fight global warming in the developing world," he said. "All that is lacking is the political will. Unfortunately the political will will be difficult to gather because of the mere fact that it requires congressional approval in the United States."

Soros said he had "informal discussions" with Obama administration officials and they recognized the difficulty of getting congressional approval. But he said the issue was too important to sweep aside.

"I think it is already becoming apparent in the negotiations that there’s a gap between the developed and developing world on this issue which could actually wreck the conference," he added

The World Bank and others project that hundreds of billions of dollars a year, in public and private money, will be needed eventually for the climate change shift.

Yet industrialized countries thus far are talking only about a quick package — three years of funding at $10 billion a year. Much of that would go toward training, planning and getting a fix on needs.

Developing nations are pressing the U.S., Europeans, Japanese and others for more upfront money and for assurances about long-term financing so they can plan on a stable source for many billions more

Soros said the $10 billion-a-year short-term plan is "more than nothing, but not much, it’s not sufficient."

He suggested climate financing be boosted with some $100 billion in Special Drawing Rights, the artificial "currency" of the International Monetary Fund, formulated as a basket of major currency values and held in reserve for lending in financial emergencies.

In response to the recent global financial crisis, the IMF created more than $200 billion in new Special Drawing Rights. But Soros noted that the Obama administration had difficulty getting U.S. approval for that through Congress…

Just in case there is anyone who hasn’t cottoned on that ‘global warming’ is just the latest in the schemes to transfer money from the first to the third world.

But really, if Mr. Soros feels so strongly about this, why doesn’t he just send these suffering nations a matching $10 billion from his stash?

This article was posted by Steve on Thursday, December 10th, 2009. Comments are currently closed.

9 Responses to “Soros: $10B Climate Aid Is Not Enough”

  1. Liberals Demise says:

    Beelzebub is waiting for you, George.
    In Hell…….Your cash ain’t nothing but trash!

  2. Reality Bytes says:

    From Soros’ cousin the doctor.


    Must run in the family.

  3. eaglewingz08 says:

    If Soros wants to donate his own ill gotten money to poorer countries to protect them from the global warming hoax he is free to do so. But please leave the rest of us sane environmentalists who don’t believe in this fairy tale apocalyptic vision alone.

  4. proreason says:


  5. GetBackJack says:

    Ah, yes … the Ferengi Faction.

  6. MinnesotaRush says:

    Betcha he’s coached his half black & white puppet!?!?

  7. canary says:

    I just watched the opening fiction film at the global summit exploiting children. (Glenn Beck) It’s worse than Gore taking that scene from that fiction movie of the snow. She’s holding her polar bear at bedtime, ends with screaming hysterically as world ends in front of her.
    This goes in line with very young children being exploited in health care commercials, announcing “hi. I’m going to get Lukemia in 3 years”. “hi, next year I’m going to break my leg”. Who would do this to very young children.

    A few years ago, my Obamanized organizer, neighbor down the street, told my young son a few years ago, that the world was going to catch on fire from the sun.

    Point, I can’t imagine the cost in the expensive film-making and advertising
    for global warming, but this is insane to exploit children from the richest worst
    people stinking up the air.

    The corrupt EPA knows the outside air is the least pollution and toxin problem in the world. But, it creates their jobs.

  8. Tater Salad says:

    George………..how much you kickin’ in on this global warming scam? I thought so! The big …..$0.00

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