Extinguished Rate Will Increase in the Future

The reason for the global warming is much related to the human-induced carbon dioxide emissions for the last century, which now however have been decreasing during the last decade. Scientists say that we are fortunate that temperatures have increased in the low range of predictions made 50 years ago, which have saved the earth from catastrophic extinctions.
Argument: According to the study Extinction risk from climate change, 18-35% of all species will be committed to extinction by year 2050, and the temperatures will rise by 0.8-2.0 degrees Celsius according to IPCC, Intergovernmental Panel on Climate Change.
Questions: How will the extinction of so many species affect life on earth? How will the lack of biodiversity affect our every-day living?