Global credit rating agency Moody’s has drawn up a map of the countries most at risk of defaulting on their debts because of climate change, showing that some of the poorest parts of the world are expected to be hardest hit.

And, in a warning to oil-producing states, it said they would face “an additional set of economic, fiscal and institutional credit challenges” as the world moves to a low-carbon economy.

The list of the “most susceptible” nations included the likes of India, Pakistan, Vietnam, Papua New Guinea, Ethiopia, Kenya, Angola, Namibia, Bolivia and Honduras, according to a report by Moody's.

In contrast, most of Europe, North America and China were among those considered least at risk.

The report’s conclusions fit with the general trend that poor countries which have done the least to cause global warming will suffer its effects the most and the nations that built their wealth on fossil fuels will fare better.

“While all countries will experience the physical effects of climate change to some degree, sovereigns [countries] with larger, more diversified economies and geographies are less susceptible,” Moody’s said.

“These economies generally have better infrastructure quality that can withstand disruptive events and an ability to carry a higher debt burden at more affordable interest rates.

“In contrast, those with a greater reliance on agriculture, lower incomes, weaker infrastructure quality, and smaller fiscal capacity exhibit greater susceptibility.”

The increase in the number of natural disasters worldwide since 1960 (Moody's)

It cited four main reasons why climate change could affect “a sovereign's ability and willingness to repay its debt”.

There were the potential economic impact, for example as a result of lost agricultural production; damage to infrastructure cause by floods and storms; rising social costs resulting from health or food crises; and “population shifts due to forced displacements resulting from climate change”.

But it warned the latter problem may have already helped push at least one country into war.

“According to some studies, the prolonged drought in Syria between 2006 and 2011 led to a large population displacement from rural to urban areas, a trend which contributed to the ongoing civil war,” the report said.

Saudi Arabia was listed as one of the “least susceptible” to the effects of climate change, but Moody’s said it was going to do more work on the effect of climate change on economies heavily dependent on fossil fuels.

“Some sovereigns, in particular oil-exporting ones, will face an additional set of economic, fiscal and institutional credit challenges over the longer term related to a transition to a low-carbon economy,” it said. “We plan to address the credit challenges facing sovereigns from carbon transition in a separate publication.”

It listed a number of problems already affecting parts of the world.

“In terms of climate trends, the gradual desertification of Israel, Lebanon, and Jordan is leading to land degradation and soil infertility,” Moody’s said.

“According to the Lebanese authorities, economic damage from climate change could reach more than $80 billion (156 per cent of 2015 GDP) by 2040.

“The impact of a single event can be severe. The estimated value of disaster effects on Fiji’s economy from Tropical Cyclone Winston in early 2016 was approximately … 21 per cent of 2015 nominal GDP.

“Floods in Mozambique in 2015 resulted in critical damage to roads and bridges, cutting land access to almost 70 per cent of the Zambézia province. Downed power cables and electricity towers also left several parts of northern Mozambique without power.

“The severe El Nino-driven drought in Papua New Guinea in 2015 affected more than two million people, or around one third of the population. The impact on food supply and the wider economy prompted the government to step in to buy rice, and provide drought assistance and disaster relief worth around 0.3 per cent of GDP.”

Paris climate talks in pictures Show all 12 1 /12 Paris climate talks in pictures Paris climate talks in pictures A man is covered with a multi-coloured banner with the message, "Climate" as environmentalists attend a demonstration near the Eiffel Tower in Paris, France, during the World Climate Change Conference 2015 (COP21) that meets in Le Bourget, December 12, 2015 Reuters Paris climate talks in pictures French President Francois Hollande (C) and French Foreign Minister Laurent Fabius (R) applaud after a statement at the COP21 Climate Conference in Le Bourget, north of Paris, on December 12, 2015. The years-long quest for a universal pact to avert catastrophic climate change neared the finish line today with conference host France announcing that the final draft had been completed in the early hours of the morning. Getty Paris climate talks in pictures US Secretary of State John Kerry (C) speaks with China's Special Representative on Climate Change Xie Zhenhua (R) and officials at the COP21 Climate Conference in Le Bourget, north of Paris, on December 12, 2015. The years-long quest for a universal pact to avert catastrophic climate change neared the finish line today with conference host France announcing that the final draft had been completed in the early hours of the morning. Getty Paris climate talks in pictures Delegates and members of NGO's read and work on copies of 'The adoption of the Paris agreement' is pictured after the announcement of the final draft by French Foreign Affairs minister Laurent Fabius at the COP21 Climate Conference in Le Bourget, north of Paris, on December 12, 2015. The years-long quest for a universal pact to avert catastrophic climate change neared the finish line with conference host France announcing that the final draft had been completed in the early hours of the morning Getty Paris climate talks in pictures UN climate chief Christiana Figueres (C) speaks with French President Francois Hollande (L), United Nations Secretary General Ban Ki-moon (2ndL) and French Foreign Minister Laurent Fabius (R) after a statement at the COP21 Climate Conference in Le Bourget, north of Paris, on December 12, 2015. The years-long quest for a universal pact to avert catastrophic climate change neared the finish line today with conference host France announcing that the final draft had been completed in the early hours of the morning Getty Paris climate talks in pictures A Swiss Dominican priest poses with activists dressed as polar bears as activists gather for a demonstration to form a giant red line at the Avenue de la Grande armee boulevard in Paris on December 12, 2015, as a proposed 195-nation accord to curb emissions of the heat-trapping gases that threaten to wreak havoc on Earth's climate system is to be presented at the United Nations conference on climate change COP21 in Le Bourget, on the outskirts of Paris. Getty Paris climate talks in pictures Activists hold up a giant banner reading 'Climate justice' by association 'ourpowercampaign' during a demonstration near the Arc de Triomphe at the Avenue de la Grande armee boulevard in Paris on December 12, 2015, as a proposed 195-nation accord to curb emissions of the heat-trapping gases that threaten to wreak havoc on Earth's climate system is to be presented at the United Nations conference on climate change COP21 in Le Bourget, on the outskirts of Paris. Getty Paris climate talks in pictures Representatives of indigenous peoples demonstrate in Paris, France, as the World Climate Change Conference 2015 (COP21) continues at Le Bourget, December 12, 2015. Reuters Paris climate talks in pictures Environmentalists demonstrate near the Arc de Triomphe in Paris, France, as the World Climate Change Conference 2015 (COP21) continues at Le Bourget, December 12, 2015. Reuters Paris climate talks in pictures Environmentalists demonstrate near the Arc de Triomphe in Paris, France, as the World Climate Change Conference 2015 (COP21) continues at Le Bourget, December 12, 2015. Reuters Paris climate talks in pictures Activists form a giant red line during a demonstration on the Avenue de la Grande armee boulevard in Paris on December 12, 2015, as a proposed 195-nation accord to curb emissions of the heat-trapping gases that threaten to wreak havoc on Earth's climate system is to be presented at the United Nations conference on climate change COP21 in Le Bourget, on the outskirts of Paris ALAIN JOCARD/AFP/Getty Images Paris climate talks in pictures The slogan "No Plan B" is projected on the Eiffel Tower as part of the World Climate Change Conference 2015 (COP21) in Paris, France, December 11, 2015. Reuters

Climate and poverty campaigners said the report showed the need for wealthy countries to do more to help the developing world during the UN climate talks in Morocco, which began on Monday.

Tracy Carty, Oxfam's climate policy lead, said: “The cruel reality of climate change is that it hits those who are least responsible for causing it and have least capacity to cope with its effects.

“Low-income countries are on the frontlines of climate climate – they are most exposed and find it hardest to recover from climate shocks such as floods, droughts and heatwaves.

“Many low income countries have economies that are highly reliant on agriculture, a sector that is intensely vulnerable to climatic shocks and changes.

“Climate change is making development harder and more expensive, which is why urgent action is needed at [the UN climate summit] in Marrakech to increase financial support to help countries cope and adapt to their changing climates.”

Climate change protests around the world Show all 25 1 /25 Climate change protests around the world Climate change protests around the world People rally to promote climate protection in Rome, Italy Climate change protests around the world Hundreds of demonstrators gather in front of City Hall in Los Angeles, California EPA Climate change protests around the world People hold hands to form a human chain during a gathering called by ecologist organisations in Marseille, southern France, to protest against global warming a day ahead of the United Nations Conference on Climate Change (COP21) held in Paris Climate change protests around the world Demonstrators clash with French riot police during protests on Place de la Republique, ahead of the COP21 World Climate Change Conference 2015 in Paris, France Climate change protests around the world Demonstrators clash with French riot police during a protest on Place de la Republique ahead of the COP21 World Climate Change Conference 2015 in Paris, France Climate change protests around the world A group of people perform during a rally to promote climate protection in Rio de Janeiro, Brazil Climate change protests around the world A protester sits next to his sign that reads 'Monsanto the Devil Incorporated ' as he joined hundreds of demonstrators who gathered in front of City Hall in Los Angeles, California EPA Climate change protests around the world Environmentalists dance during a protest near the Place de la Republique after the cancellation of a planned climate march following shootings in the French capital, ahead of the World Climate Change Conference 2015 (COP21), in Paris, France Reuters Climate change protests around the world People protest next to characters dressed as wild animals during a march against climate change near the Monument to the Revolution, in Mexico City AP Climate change protests around the world Protesters carries a banner while they take part in a protest about climate change at New York City Hall steps in lower Manhattan, New York Reuters Climate change protests around the world People take part in a protest about climate change around New York City Hall at lower Manhattan, New York Reuters Climate change protests around the world People rally to promote climate protection in Piazza Castello, Turin, Italy Climate change protests around the world A woman holds a globe during a protest for the global climate day in Lugano, Switzerland Climate change protests around the world Yemenis hold banners as they participate in the Global March for Climate in the old city of Sanaía, Yemen Climate change protests around the world Protesters dressed as Santa Claus take part in a protest about climate change at New York City Hall steps in lower Manhattan, New York Reuters Climate change protests around the world People gather at the Legislative Palace in Montevideo, during the Global Climate March to demand action on climate change telling world leaders on the eve of a crunch UN summit that there is "no planet B". From Sydney to London, humid Rio to chilly New York, at least 683,000 hit the streets in 2,300 events across 175 countries at the weekend, co-organiser and campaign group Avaaz said, calling it the largest number of people to protest over climate change all at once Getty Images Climate change protests around the world Climate change protests around the world Demonstrators participate in the Global March for Climate in Athens, Greece Climate change protests around the world A man wearing a Bernie Sanders mask leads hundreds of demonstrators who marched near City Hall in Los Angeles, California EPA Climate change protests around the world Patricia Hauser joined hundreds of demonstrators who gathered in front of City Hall in Los Angeles, California Climate change protests around the world A woman holds a poster of a sick Earth as she joined hundreds of demonstrators who gathered in front of City Hall in Los Angeles, California EPA Climate change protests around the world Hundreds of demonstrators march around City Hall in Los Angeles, California EPA Climate change protests around the world A demonstrator holds cut-out of US Democratic Presidential candidate Bernie Sanders as she joined hundreds of demonstrators who gathered in front of City Hall in Los Angeles, California EPA Climate change protests around the world George Patten holds a sign that reads 'No Fracking Ever!' as he joined hundreds of demonstrators who gathered in front of City Hall in Los Angeles, California EPA Climate change protests around the world Gabrielle Sosa wears 'Rising Sea Levels' sign as she joined hundreds of demonstrators who gathered in front of City Hall in Los Angeles, California EPA

And a spokesperson for Global Justice Now said: “The history of the world’s fossil fuel bingeing is fundamentally one of environmental racism.

“While it is the global north that has by far materially benefitted the most by being historically responsible for the most greenhouse gas emissions, it is countries in the global south that will be bearing the brunt of the rising sea levels, droughts, shifting disease patterns and so on caused by climate change.