Forestry Investment Blog

Forestry investment projects worldwide could be the benficiary of a new plan unveiled by George Soros, the billionaire financier.

Mr Soros has submitted a proposal this week to give poorer nations up to $100bn,  using the International Monetary Fund’s  reserves to deal with the threat of climate control .  Speaking at the Climate Control summit in Copenhagen,  Mr Soros argued that the Huge IMF reserves are unnecessary, and could be better used by being lent to the poorer countries,  through a “green fund”  which could finance forestry and agricultural projects  in emerging economies.

Mr Soros commented  “It is possible to substantially increase the amount available to fight global warming…..All that is lacking is the political will… Yet it could make the difference between success and failure at Copenhagen” . The talks in Copenhagen had reached something of a stalemate with regard to financing. Poor countries are requesting $100bn a year by 2020 from rich countries, in order to deal with climate change.However the more prosperous nations have made proposals which fall well short of these figures.

Mr Soros believes that the fund would become self-financing as the projects would eventually make  a profit.  He suggested that the IMF should use a portion of its gold reserves. As a result of rising gold prices, gold stocks held by the IMF are valued at as much as $100bn more than the value attributed to them currently. The proposals have been generally welcomed by the G77 of developing countries.

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This entry was posted on Friday, December 11th, 2009 at 3:42 pm and is filed under Environment, Forestry Investment. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.