The impact of a possible global temperature rise of 2 degrees Celsius in the next few decades threatens to trap millions of people in poverty, according to the report.
The soaring temperatures will also drive regular food shortages in Sub-Saharan Africa.
Shifting rain patterns in South Asia due to warming could leave some parts under water and others without enough water for power generation, irrigation, or drinking, the report said.
Another impact of climate change could be degradation and loss of reefs in South East Asia possibly resulting in reduced fish stocks and coastal communities, while cities could be more vulnerable to increasingly violent storms, it said.
The new report builds on a World Bank report released late last year, which concluded the world would warm by 4 degrees Celsius above pre-industrial levels by the end of this century if we did not take concerted action now.
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