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The Paris Agreement aims to constrain global warming to ‘well below 2 °C’ and to ‘pursue efforts’ to limit it to 1.5 °C above pre-industrial levels. We quantify global and regional risk-related metrics associated with these levels of warming that capture climate change–related changes in exposure to water scarcity and heat stress, vector-borne disease, coastal and fluvial flooding and projected impacts on agriculture and the economy, allowing for uncertainties in regional climate projection. Risk-related metrics associated with 2 °C warming, depending on sector, are reduced by 10–44% globally if warming is further reduced to 1.5 °C. Comparing with a baseline in which warming of 3.66 °C occurs by 2100, constraining warming to 1.5 °C reduces these risk indicators globally by 32–85%, and constraining warming to 2 °C reduces them by 26–74%. In percentage terms, avoided risk is highest for fluvial flooding, drought …