Global humanitarian group Oxfam reports that the world is "woefully unprepared" for the impact of climate change on food supplies.

In a report issued this week, Oxfam said the global food system is currently not ready to face the challenges of a changing world. The report highlights 10 areas that it says are currently undermining the world's ability to feed itself amid a warming climate.

The report notes that both the world's rich and poor countries are unprepared to face the impact of climate change on food security, but nations with the most food insecurity and poverty are the least prepared and most at risk.

"Already this year, the worst drought in a decade has ruined crops in Brazil's south-eastern breadbasket, including the valuable coffee harvest," Oxfam said in a statement. "In California the worst drought in over 100 years is contributing to rising food prices, decimating crops across the state, which produces almost half of all the vegetables, fruits and nuts grown in the US."

The report highlights a number of financial, political and technical "gaps" that are limiting food security preparedness. Poor countries need more financial aid than richer nations are providing, Oxfam said, adding that farmers in poor nations need crop insurance as well.

Irrigation systems are not in place in areas such as Chad, Burkina Faso and other nations confronted with cyclical drought.

Many countries are not investing enough in agriculture, Oxfam said, noting that only four of 20 African nations studied made good on their commitment to spend 10 percent of their national budget on agriculture.

Oxfam also highlighted a need to increase world grain reserves and establish better weather-monitoring systems is nations that need them the most.

Oxfam reported that an increase in humanitarian aid is necessary to keep pace with climate change and increasing food shortages.

"Building our preparedness for climate extremes need not break the bank," said Oxfam America President Raymond C. Offenheiser. "The total adaptation needs of poor countries are estimated to be approximately $100 billion per year - equivalent to just five percent of the wealth of the world's richest 100 people."

The full Oxfam report, "Hot and Hungry: How to stop climate change from derailing the fight against hunger", is available here.