The consulting firm Moody’s Analytics says climate change could inflict $69 trillion in damage on the global economy by the year 2100, assuming that warming hits the two-degree Celsius threshold widely seen as the limit to stem its most dire effects.

Moody’s, citing a report from the Intergovernmental Panel on Climate Change, says that warming of 1.5 degrees Celsius, or 2.7 degrees Fahrenheit, increasingly seen by scientists as a climate-stabilizing limit, would still cause $54 trillion in damages by the end of the century, according to the Washington Post.

The firm warns that passing the two-degree threshold “could hit tipping points for even larger and irreversible warming feedback loops such as permanent summer ice melt in the Arctic Ocean.”

The Moody’s report predicts that rising temperatures will “universally hurt worker health and productivity” and that more frequent extreme weather events “will increasingly disrupt and damage critical infrastructure and property.”

Moody’s Analytics chief economist Mark Zandi said that the report was “the first stab at trying to quantify what the macroeconomic consequences might be” of climate change, written in response to European commercial banks and central banks.