Climate change could cause loss of 4% of annual global economic output by 2050, which might hit many poorer parts of the world excessively hard, according to a new study of 135 countries.

The S & P Global rating agency, which awards countries credit ratings based on the health of their economies, released a report on Tuesday that examines the likely effects of rising sea levels as well as more frequent heat waves, droughts and storms.

In a baseline scenario in which governments largely shun major new climate mitigation measures, called “RCP 4.5” by low- and lower-middle-income scientists, the losses on average will be 3.6 times higher in GDP than in richer members.

Bangladesh, India, Pakistan, and Sri Lanka face raging fire, floods, severe storms, and scarcity of water. South Asia is vulnerable-at about 10-18% of GDP — about three times that of North America, and ten times that of its least-affected region, Europe.

Central Asia, the Middle East and North Africa and areas of Sub-Saharan Africa also suffered a significant amount of losses.

East Asian and Pacific nations face risks similar to sub-Saharan Africa, but mostly due to storms and flooding, not heatwaves and droughts.

“To different degrees, this is an issue for the world,” said Roberto Sifon-Arevalo, S & P’s chief executive credit analyst.

Some experts have also suggested a floating rating scale, with highly exposed countries getting a credit rating for as long as ten years or so, and another for the future, when issues are probable to bite.

S&P Global

S&P Global Inc. is an American publicly traded corporation headquartered in Manhattan, New York City. Its primary areas of business are financial information and analytics. (wikipedia)