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The annual $100 billion rich countries have agreed to mobilise by 2020 to help developing nations address climate change is "a very modest sum", according to a top academic who is a member of a high-level panel that will work out how to raise the money.

The pledge "is a small sum in relation to the type of challenges we are talking about," Nicholas Stern, a professor at the London School of Economics, told a conference of development experts in London this week.

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