Developing countries to soon receive their long-promised funds for tackling climate crisis

Climate economist Nicholas Stern has said that the developing countries could receive long-promised funds, which will help them in tackling the climate crisis as soon as next year.

Recent promises of additional cash from the US, the EU and others have lifted the prospects.

Lord Stern, the chair of the Grantham Institute for Climate Change at the London School of Economics, told The Guardian, in an interview: "I think that we will probably hit the $100bn for next year."

“We could start to get bilateral flows from donor countries to poor nations, approaching $50bn to $60bn because if the US came up then others would come up as well. The finance which went to the fossil fuels, which the G7 agreed to phase out quickly, could be reoriented towards renewables.”

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He also predicted that the global publicly funded development banks, such as the World Bank, would also step up their efforts at a series of meetings next month. “

They will be increasing their volumes and they will be increasing the proportions focused on climate. So my own view is we must push very hard to get the $100 billion, it’s not going to be this year so it should be next year, and I think it could well be," he said.