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A recent 331-page study, entitled Climate Vulnerability Monitor: A Guide to the Cold Calculus of A Hot Planet, was carried out by the DARA group, a non-governmental organisation based in Europe, and the Climate Vulnerable Forum. It was written by more than 50 scientists, economists and policy experts, and commissioned by 20 governments.

By 2030, the researchers estimate, the cost of climate change and air pollution combined will rise to 3.2% of global GDP, with the world's least developed countries forecast to bear the brunt, suffering losses of up to 11% of their GDP.

The impacts are being felt most keenly in developing countries, according to the research, where damage to agricultural production from extreme weather linked to climate change is contributing to deaths from malnutrition, poverty and their associated diseases.

While many governments have taken the view that climate change is a long-term problem, there is a growing body of opinion that the effects are already being felt. Scientists have been alarmed by the increasingly rapid melting of Arctic sea ice, which reached a new record minimum this year and, if melting continues at similar rates, could be ice free in summer by the end of the decade. Some research suggests that this melting could be linked to cold, dull and rainy summers in parts of Europe – such as has been the predominant summer weather in the UK for the last six years. In the US, this year's severe drought has raised food prices and in India the disruption to the monsoon has caused widespread damage to farmers.

Air pollution caused by the use of fossil fuels is also separately contributing to the deaths of at least 4.5m people a year, the report found.