Trillions of dollars of non-bank financial assets around the world are vulnerable to the effects of global warming, according to a study on Monday that says tougher action to curb greenhouse gas emissions makes sense for investors.

Rising temperatures and the dislocation caused by related droughts, floods and heatwaves will slow global economic growth and damage the performance of stocks and bonds, according to the report, led by the London School of Economics.

It makes financial sense to a risk-neutral investor to cut emissions, and even more so to the risk-averse.”

“It makes financial sense to a risk-neutral investor to cut emissions, and even more so to the risk-averse,” lead author Professor Simon Dietz, an environmental economist, told Reuters.

A global climate summit in Paris last December set a goal of limiting global warming to “well below” 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial times, while leaving open precisely how this would be achieved.