The study conducted at the University of California Berkeley is the first to examine the potential economic damage the state faces from global warming and warns that everything from agriculture, energy and tourism would be affected.

"The scale of climate risk over the coming decades dwarfs today's financial crisis and will long outlive it," said Noel Perry, founder of Next 10, the non-profit group that sponsored the research.

The report stated that California has about $4 trillion in real estate assets, of which $2.5 trillion would be at risk from wildfire, rising sea level and extreme weather. The losses would come in the form of direct costs such as firefighting and indirect expenses for public health, insurance and agricultural losses.

The authors of the report said in a written statement that the projections should inspire governments and consumers to do whatever they can to reduce their energy consumption.