In an exploratory scenario analysis of the vulnerability and readiness of 135 countries to climate change over the next 30 years, S&P Global Ratings finds that physical climate risks could expose 3.3%, 4% and 4.5% of world GDP to losses by 2050 under climate pathways RCP2.6 (Paris Agreement), RCP4.5 (current policies) and RCP8.5, assuming no adaptation and all risks materialize simultaneously.