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Top Wall Street institutions are preparing for a severe future of global warming that blows past the temperature limits agreed to by more than 190 nations a decade ago, industry documents show.

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The stunning conclusion indicates that the bank believes the planet is in which severe droughts and harvest failures become widespread, sea-level rise is measured in feet rather than inches and tropical regions experience episodes of extreme heat and humidity for weeks at a time that would bring deadly risks to people who work outdoors.

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Morgan Stanley's climate forecast was tucked into a mundane research report on the future of air conditioning stocks, which it provided to clients on March 17. A 3 degree warming scenario, the analysts determined, could more than double the growth rate of the $235 billion cooling market every year, from 3 percent to 7 percent until 2030.

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Morgan Stanley's frank assessment of the air conditioning market follows a trade association briefing in February in which industry officials argued that the financial sector needs a coordinated messaging campaign to regulators, investors and the public that the Paris targets are no longer within reach - and banks should not be expected to pursue them.

"The world is not on track to limit temperature rise below 2°C - and limiting warming [to] 1.5°C is almost certainly unachievable," the Institute of International Finance , citing analyses from the energy research firm the Rhodium Group and the Climate Action Tracker, an environmental collaborative.

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