A third of common land animals could see dramatic losses this century due to climate change, scientists predict.
More than half of plants could be hit the same way as habitats become unsuitable for numerous species.
The collapse of ecosystems would have major economic impacts on agriculture, air quality, clean water access, and tourism.
Global temperatures are set to rise 4ºC above pre-industrial levels by 2100 if nothing is done to stem greenhouse gas emissions. This could have a destructive effect on thousands of common as well as rare and endangered species.
An estimated 57% of plants and 34% of animals were likely to lose half or more of their habitat range.
But the damage would be greatly reduced if emissions were scaled down in time. Losses are down 60% if global warming is cut to 2% above pre-industrial levels, with emissions peaking in 2016 and being reduced by 5% a year. If emissions peak in 2030, losses are 40% lower.
Lead scientist Dr Rachel Warren, from the University of East Anglia's School of Environmental Science, said: "Our research predicts that climate change will greatly reduce the diversity of even very common species found in most parts of the world. This loss of global-scale biodiversity would significantly impoverish the biosphere and the ecosystem services it provides.
"We looked at the effect of rising global temperatures, but other symptoms of climate change such as extreme weather events, pests, and diseases mean that our estimates are probably conservative."
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