The G7 nations are set to lose around £3.5 trillion per year if they don't act to stop climate change.
Canada, France, Germany, Italy, Japan, and the US will see an annual contraction of 8.5% by 2050 if they fail to act, according to a study by insurance company Swiss Re.
That is equivalent to enduring two COVID-19 crises every year, as the G7's economies have shrunk by 4.2% during the current pandemic.