World needs to commit $18-113 trillion to investments in renewable energy, electric vehicles and other green technology to reduce impact of emissions

The failure of nations to limit global temperatures from rising over 1.5C warmer than they were in the pre-industrial era could cost the world economy more than $600 trillion (£480 trillion) by the end of the century, new research warns.

According to the Intergovernmental Panel on Climate Change’s latest estimations, global temperatures are already on course to reach 1.5C of warming between 2030 and 2052, which would cause “dramatic damage”, the new research says.

In just 80 years’ time, our current trajectories mean the planet will warm by 3-4C, causing devastation and leading to millions of deaths.