The ministers conducted deliberations during a two-day meeting in the eastern German city of Potsdam. Also in attendance were ministers from Brazil, China, India, Mexico and South Africa.

Germany’s environment minister said 150 species were lost to extinction every day, and that loss of plant and animal species was an economic disaster fuelling poverty in many areas.

The Stern report estimated that climate change could cost between 5% and 20% of annual gross domestic product.