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The Paris Agreement aims to constrain global warming to ‘well below 2 °C’ and to ‘pursue efforts’ to limit it to 1.5 °C above pre-industrial levels. We quantify global and regional risk-related metrics associated with these levels of warming that capture climate change–related changes in exposure to water scarcity and heat stress, vector-borne disease, coastal and fluvial flooding and projected impacts on agriculture and the economy, allowing for uncertainties in regional climate projection. Risk-related metrics associated with 2 °C warming, depending on sector, are reduced by 10–44% globally if warming is further reduced to 1.5 °C. Comparing with a baseline in which warming of 3.66 °C occurs by 2100, constraining warming to 1.5 °C reduces these risk indicators globally by 32–85%, and constraining warming to 2 °C reduces them by 26–74%. In percentage terms, avoided risk is highest for fluvial flooding, drought, and heat stress, but in absolute terms risk reduction is greatest for drought. Although water stress decreases in some regions, it is often accompanied by additional exposure to flooding. The magnitude of the percentage of damage avoided is similar to that calculated for avoided global economic risk associated with these same climate change scenarios. We also identify West Africa, India and North America as hotspots of climate change risk in the future. [ABSTRACT FROM AUTHOR]

We quantify global and regional aggregate damages from global warming of 1.5 to 4 °C above pre-industrial levels using a well-established integrated assessment model, PAGE09. We find mean global aggregate damages in 2100 of 0.29% of GDP if global warming is limited to about 1.5 °C (90% confidence interval 0.09–0.60%) and 0.40% for 2 °C (range 0.12–0.91%). These are, respectively, 92% and 89% lower than mean losses of 3.67% of GDP (range 0.64–10.77%) associated with global warming of 4 °C. The net present value of global aggregate damages for the 2008–2200 period is estimated at $48.7 trillion for ~ 1.5 °C global warming (range $13–108 trillion) and $60.7 trillion for 2 °C (range $15–140 trillion). These are, respectively, 92% and 90% lower than the mean NPV of $591.7 trillion of GDP for 4 °C warming (range $70–1920 trillion). This leads to a mean social cost of CO2 emitted in 2020 of ~ $150 for 4 °C warming as compared to $30 at ~ 1.5 °C warming. The benefits of limiting warming to 1.5 °C rather than 2 °C might be underestimated since PAGE09 is not recalibrated to reflect the recent understanding of the full range of risks at 1.5 °C warming. [ABSTRACT FROM AUTHOR]