The UN body highlighted that there has been a “dramatic rise of 251%” globally in direct economic losses from climate-related disasters in the last 20 years. In the period 1998-2017, disaster-hit countries reported direct economic losses of $2.9 trillion, 77% out of which was caused by climate-related disasters.

“The report’s analysis makes it clear that economic losses from extreme weather events are unsustainable and a major brake on eradicating poverty in hazard-exposed parts of the world,” said Mami Mizutori, the UN Secretary General’s Special Representative for Disaster Reduction.

The average number of disasters per year has increased to 329 in the latest 20-year period, with climate change increasing the frequency and severity of extreme weather related events, the report concluded.

The UN Inter-Governmental Panel on Climate Change also warned against increasing catastrophic climate change risks in its landmark report on global warming, released on Monday.

It highlighted that the world has already warmed by 1 °C and the impact is evident in terms of extreme weather events, flooding, melting of Arctic ice and rise in sea levels and warned that it would be difficult to limit global warming to 1.5 °C above pre-industrial levels, unless urgent, unprecedented measures are taken.

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