The study by University of East Anglia researchers looked at 50,000 globally widespread and common species and found that more than one half of the plants and one third of the animals will lose more than half of their climatic range by 2080 if nothing is done to reduce the amount of global warming and slow it down.
This means that geographic ranges of common plants and animals will shrink globally and biodiversity will decline almost everywhere, researchers said.
Plants, reptiles and particularly amphibians are expected to be at highest risk. Sub-Saharan Africa, Central America, Amazonia and Australia would lose the most species of plants and animals. And a major loss of plant species is projected for North Africa, Central Asia and South-eastern Europe.
But acting quickly to mitigate climate change could reduce losses by 60 per cent and buy an additional 40 years for species to adapt.
This is because this mitigation would slow and then stop global temperatures from rising by more than two degrees Celsius relative to pre-industrial times (1765). Without this mitigation, global temperatures could rise by 4 degrees Celsius by 2100, said researchers.
"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," Dr Rachel Warren, lead researcher, said.
"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. Animals in particular may decline more as our predictions will be compounded by a loss of food from plants.
"The good news is that our research provides crucial new evidence of how swift action to reduce CO2 and other greenhouse gases can prevent the biodiversity loss by reducing the amount of global warming to 2 degrees Celsius rather than 4 degrees. This would also buy time - up to four decades - for plants and animals to adapt to the remaining 2 degrees of climate change," said Warren.
The study was published in the journal Nature Climate Change.