It warns that it's time to take measures to guard against future crises
A new report from the World Bank says that the international community is not prepared for coming natural disasters associated with the effects of climate change and that the lives of 1.3 billion people are at risk between now and 2050.
The Global Facility for Disaster Reduction and Recovery (GFDRR) has urged for plans to be put in place before it is too late.
Without action, it says that assets worth $158tn, or twice the world's current total output, are at risk from the effects of climate change.
It's Dooms Day scenario accounts for the effects of growing population, increases in slums and densely crowded cities and continued global warming.
John Roome, the World Bank Group’s senior director for climate change commented on the report, "With climate change and rising numbers of people in urban areas rapidly driving up future risks, there’s a real danger the world is woefully unprepared for what lies ahead," he said.
"Unless we change our approach to future planning for cities and coastal areas that takes into account potential disasters, we run the real risk of locking in decisions that will lead to drastic increases in future losses," Mr Roome continued.
The report predicts a sustained increase in weather-related deaths in coastal cities, and that weather events will cost the world economy more and more with each passing year.
The dangers are starker in poorer countries, "Climate change is a brutal reality confronting millions of the world’s most vulnerable people. Their need for financial support to adapt to climate extremes is urgent and rising," Oxfam said in a recent report.
"By promoting policies that reduce risk and avoiding actions to drive up risk, we can positively influence the risk environment of the future. The drivers of future risk are within the control of decision makers today. They must seize the moment," Francis Ghesquiere, head of the secretariat at the GFDRR added.