Soros proposes $100bn IMF funds for green projects

Billionaire George Soros proposed that the richest nations use $100 billion of the foreign- exchange reserves they received from the International Monetary Fund to develop emissions-reducing projects in poor countries. "Developed countries' governments are laboring under the misapprehension that funding has to come from the national budgets, but that is not the case," he said today at climate- treaty talks in Copenhagen. "They have it already. It is lying idle in their reserves accounts and in the vaults" of the IMF. (www.Bloomberg.com)