We had an undervalued currency and considerable balance of payments surpluses, with implications for monetary policy: in a system of fixed exchange rates, the Bundesbank had to keep buying up foreign currency in order to keep the exchange rate stable. It was thus involuntarily creating central bank money.
A dollar invested in emerging markets and LDCs can have a higher mitigation potential, thus it makes sense to create the conditions for such investments to be made. It would be unfortunate if investments are not done for cost of funding reasons. According to a recent IMF paper many of the world’s lowest-cost mitigation opportunities exist in emerging and developing economies.