Shianne Coleman (L) gets a hand from friend Austin Gremmel as they walk in flooded streets as the Neuse River begins to flood its banks during Hurricane Florence September 13, 2018 in New Bern, North Carolina.

Climate change poses a significant threat to global corporations, and financial regulators must transform how they account for the economic risks of a warming planet, Citigroup said in a new report Wednesday.

"Greenhouse gas emissions, global warming and climate change are not only existential issues for those concerned with the future of humanity, they are also immediate concerns for financial regulators," the report said.

The report, titled "Managing the Financial Risks of Climate Change," divides the threat of climate change into two categories: financial risks associated with effective action toward transitioning to a lower-carbon economy, and risks associated with a failure to effectively mitigate climate change.

Financial regulators have primarily focused on how climate change impacts big investor's liabilities and how they can improve conditions for low-carbon investments.

The European Central Bank recently contended that central banks should go even further, and account for climate change risks not just as part of ensuring financial stability but also when setting monetary policy.

Governments will also need to take steps toward a low-carbon economy, the report said, including implementing a carbon tax, cap-and-trade plans with emissions trading systems, and regulation to limit carbon pollution.

The report on climate risk comes shortly after a slew of extreme weather events across the world, as well as a series of environmental regulation rollbacks in the U.S. by the Trump administration.

Most recently, Hurricane Dorian stalled over and decimated the Bahamas, and raging wildfires have destroyed a large swath of Amazon and Bolivian rainforests.

In July alone, the hottest month ever recorded, a heat wave scorched Europe, then moved to Greenland to cause record ice melt there; fires tore across Russia and the Arctic; Hurricane Barry flooded parts of Louisiana; and U.S. farmers got hit with a severe heat wave after suffering from a year of record flooding.