A recent report says that, globally across 18 different industries, about $7.2 trillion worth of debt has high inherent exposure to physical climate risks that could rock the fixed income market in the coming years, according to Bloomberg.

The report, from Moody's, highlights the increasing prominence of environmental issues in credit risk considerations, as those deemed most vulnerable are those with high amounts of valuable physical assets in vulnerable regions such as fossil fuels, chemicals, mining, shipping, and unregulated utilities and power companies. Sectors like these are considered more likely to be affected by climate factors such as wildfires, flooding or extreme weather.

The report noted that this $7.2 trillion figure applies only to those sectors most at risk; if one examines the economy as a whole, the amount of overall debt in danger from physical climate risks is more than 10 times that amount: $79 trillion, or more than half of global GDP..

Bloomberg noted that climate damage is already in effect: An analysis of insurance claims in the United States found that the country incurred about $60 billion in damages last year due to climate events, an amount that, while well short of $7.2 trillion, is still nonetheless a major sum.