The World Bank has warned that the planet is on track to warm by four degrees Celsius this century.
The bank further warned that the increase in temperature will result in increasingly extreme heat waves, lower crop yields and rising sea levels, unless significant action is taken to cut greenhouse gas emissions.
The bank said that changes associated with four degrees of warming would have dramatic and devastating effects on all parts of the world, but that the poor would be most vulnerable, The Sydney Morning Herald reports.
"A 4 degree C world is likely to be one in which communities, cities and countries would experience severe disruptions, damage, and dislocation, with many of these risks spread unequally," the report titled 'Turn Down the Heat', said.
The report, also said that if the world experiences four degrees of warming it would see a 150 per cent increase in ocean acidity, leading to the extinction of some sensitive coral reef ecosystems.
It will also result in sea-level rise of 0.5 to 1 metres by 2100, with more in following centuries, affecting low-lying islands and coastal communities, it added.
The warnings come as nations meet in Doha, Qatar next week for the next major round of international climate change negotiations.