The agreement between the G7 and the particularly endangered states of the V20 group on financial protection against climate damage ("loss and damage") took place on the sidelines of the World Bank conference in Washington. The protective shield is intended to help with advance financing systems in the event of damage events.

"Climate change is already a dramatic reality today," explained Schulze. "It is no longer a question of whether climate damage will occur, but rather how often, how severe and how expensive it will be - and above all, who will be particularly affected." On the one hand, it is important to promote global climate protection with even more commitment, but also "that we have to recognize that there is climate damage and that the most vulnerable countries in particular need our solidarity to deal with it".

"We are pleased that the German G7 Presidency is working with the V20 on the Global Shield Against Climate Risks," said Kenneth Nana Yaw Ofori-Atta, Chairman of the V20 and Finance Minister of Ghana. "It is obvious that our socio-economic losses are increasing due to the increasing intensity and scale of climate-related risks," he underlined the urgency of hedging.

"It is important to note that we are not asking for alms," Ofori-Atta continued. "What we need is stronger economic cooperation between the industrialized countries and the vulnerable countries of the world through climate protection growth plans." New investments are necessary "to make our economies, supply chains and societies resilient to the increasing climate risks".

The V20 group currently includes 58 countries with a total of 1.5 billion people. These are African states and island states in the Pacific and the Caribbean, but also in Asia and Latin America.