To help finance this shift in the global economy, the IMF is working on a set of proposals to create a multi-billion dollar “Green Fund” that would provide the huge sums — which could climb to $100 billion a year in a few years — needed for countries to confront the challenges posed by climate change.
During a panel discussion on the future of the world economy, Strauss-Kahn said it was obvious that developing countries don’t have the cash to finance the measures needed to tackle climate change, while developed countries were saddled with enormous debts from combating the global economic crisis.
There was a need to think outside the box and come up with innovative ways to provide the money. “I can’t believe we don’t have the solution to this huge problem,” he told the audience in Davos.
The IMF will start discussions with central banks and finance ministers on the feasibility of creating this Green Fund, possibly partly financed through the issuance of additional Special Drawing Rights (SDRs), a reserve asset created by the IMF.
Strauss-Kahn said that climate change financing was such a big issue that “it cannot be seen as a problem that cannot be solved.”
Polistra was named after the original townsite of Manhattan (the one in Kansas). When I was growing up in Manhattan, I spent a lot of time exploring by foot, bike, and car. I discovered the ruins of an old mill along Wildcat Creek, and decided (inaccurately) that it was the remains of the original site of Polistra. Accurate or not, I've always liked the name, with its echoes of Poland (an under-appreciated friend of freedom) and stars. ==== The title icon is explained here. ==== Switchover: This 2007 entry marks a sharp change in worldview from neocon to pure populist. ===== The long illustrated story of Polistra's Dream is a time-travel fable, attempting to answer the dangerous revision of New Deal history propagated by Amity Shlaes. The Dream has 8 episodes, linked in a chain from the first. This entry explains the Shlaes connection.