Environment ministers from the G8 have agreed to a study of the economic costs globally of species becoming extinct as a result of climate change.

German minister Sigmar Gabriel said the destruction of biodiversity was "not just an issue for birdwatchers."

The loss of plant and animal species was an economic disaster fuelling poverty in many areas, he said.

Ministers agreed the review should be along the lines of last year's report by the economist Sir Nicholas Stern.

Ministers from Brazil, China, India, Mexico and South Africa are also attending the two-day talks in the eastern German city of Potsdam.

Germany's environment minister said 150 species were being lost to extinction every day.

"We agreed on the need for a report on the economic cost of biodiversity destruction, modelled on the Stern Report," Sigmar Gabriel said.

"We wanted to highlight the economic value of biodiversity and also the dangers for our economic prosperity caused by biodiversity loss," Mr Gabriel added.

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

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