The majority of pledges made for reducing emissions by 184 countries during the Paris Climate Agreement are not enough to keep the global temperature rise within 2 degrees Celsius, warned a report released on Wednesday.

After examining 184 pledges, only 36 pledges were found to be on track to fulfill the emissions target. Nearly 12 of them were partially sufficient and 136 were partially or totally unable to meet their commitment.

Globally, emissions should be reduced by 50 percent by 2030, and carbon neutrality attained by 2050 to meet the goals set out in the Paris Climate Change Agreement. "Simply, the pledges are far too little, too late," said Sir Robert Watson, co-author of the report.

"The comprehensive examination found that with few exceptions, the pledges of rich, middle income and poor nations are insufficient to address climate change," he added. The failure to meet emissions target could drastically increase the number of extreme weather events.

The report titled 'The Truth Behind the Paris Agreement Climate Pledges" calculated that the numbers of hurricanes, severe storms, wildfires and droughts are likely to double, causing major infrastructure and agricultural losses, costing the world around 2 billion U.S. dollars per day by 2030.

Four countries contribute more than half of the global emission: China 26.8 percent, the U.S. 13.1 percent, India 7 percent and Russia 4.6 percent. While China and India are on track to meet their climate pledge, the U.S. withdrawal has given a major jolt to the global efforts to combat rising temperatures.

The pledge submitted by the U.S. under the Obama Administration committed to reducing emissions by 26-28 percent by 2025 is in "limbo," the report said.

But both China and India, despite meeting their climate pledge, will continue to increase emission in the next decade because of their economic growth. The analysis has categorized climate action taken by both countries in the 'insufficient' category.

"Even if all climate pledges, which are voluntary, are fully implemented, they will cover less than half of what is needed to limit the acceleration of climate change in the next decade," added Watson.