Where do we get the funds to fight climate change?
A United Nations panel, which includes billionaire investor George Soros and Larry Summers, director of President Barack Obama's National Economic Council, has recommended taxing foreign-exchange transactions and auctioning pollution permits. Combined, the system would generate at least $65 billion a year. That's still $35 billion short of the $100 billion in climate aid that was pledged by 2020 to poor nations at last year's summit in Copenhagen but it's a start.
Still, you have to say that the $100 billion on offer from rich countries falls far short of the funding necessary to help 130 poor countries which face devastating climate change. It might be enough to help about half of them, especially given that poor countries will be hit the harderst by floods and extreme temperatures. It would make more sense to draw that money wholly from public finance sources because that's more predictable.
But then, the question is whether governments would be prepared to pay.
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