Financing climate change initiatives in developing nations could prove to be a major hurdle to an agreement at the Copenhagen Climate Change Conference, an industry observer has claimed.
American billionaire George Soros has put forward a plan that would see developed countries substantially increase the level of funding available to poorer administrations.
Mr Soros, well-known for his own philanthropic activities, has called on world leaders to agree to provide a $150 billion (£92.2 billion) pot for developing nations, rather than the $10 billion currently under discussion.
He stated that $10 billion is "not sufficient", adding: "It's already becoming apparent that there's a gap between the developed and developing worlds on this issue that could actually wreck the conference."
Mr Soros' solution involves using a portion of the International Monetary Fund's finances currently being used to provide liquidity to global credit markets to finance environmental projects in poor countries.
He claimed that while the US government supports his proposal in principle, he has been told that the plans are unlikely to receive approval from the senate.
Posted by Claire Manning
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