​World income is expected to fall by 19% by 2026, exacerbated by high temperatures, floods and large-scale forest fires, according to a study that includes researchers from the Potsdam Institute for Climate Impact Research.

According to the paper, the impact will be widespread, affecting even all governments and large corporations. The crisis will be inevitable, even if governments are already scrambling to change the course of events.

The United Nations predicts that in the next century the world temperature will rise by 3°C, even with current climate policies and targets.

However, immediate action to reduce climate change could stem some long-term losses.