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Least developed countries experienced higher population-weighted GDP loss of 8.3 percent, with Southeast Asia and Southern Africa particularly affected -- losing 14.1 percent and 11.2 percent of their GDP respectively.

On the other hand, some developed countries benefited. Thanks to warmer winters Europe saw a nearly five percent net gain in GDP last year.

But such gains are “poised to erode” as hotter summers offset milder winters, warns the report.

At last year’s COP27 talks in Egypt, nations agreed to set up a dedicated fund to help vulnerable countries cope with “loss and damage” from climate disasters and extreme weather.

While some details were recently agreed, the fund -- and in particular who contributes to it and how much -- will be a key point of negotiation at this year’s COP28 talks in Dubai, which begin on Thursday.