V20, G7 reach agreement on financial protection against climate change loss

The Vulnerable 20 Group of Finance Ministers — from climate vulnerable economies — and the G7 Presidency have announced they have reached agreement on a financial protection cooperation that responds to loss and damage as a contribution to the Paris Climate Treaty.

V20 Chair Ken Ofori-Atta, Finance Minister of the Republic of Ghana, and Svenja Schulze, German Federal Minister for Economic Cooperation and Development, from the G7 Presidency met in Washington DC to conclude the final details of the Global Shield, according to a joint media release received from Washington DC early Saturday.

The V20 membership stands at 58 economies representing some 1.5 billion people including Bangladesh.

The Group of 7 (G7) consists of Canada, France, Germany, Italy, Japan, the UK and the USA.

The European Union also participates in G7 meetings.

Germany took on the presidency of the Group of 7 from the United Kingdom on 1st January this year. The presidency lasts for one year.