IMF should give poor countries $300bn a year to fight climate crisis, says Joseph Stiglitz

Houses submerged in floodwater in Blantyre, Malawi, in March. Photograph: Thoko Chikondi/AP

Poor countries should be provided with $300bn (£246bn) a year from the International Monetary Fund to finance their fight against the climate crisis, the Nobel prize-winning economist Joseph Stiglitz has said.

Speaking to the Guardian at the IMF’s annual meeting in Marrakech, Stiglitz said developing nations needed their equivalent of the US Inflation Reduction Act – a package of grants and subsidies designed to promote green growth and jobs.