This follows the work of an equivalent group of 16 banks, launched in 2017 and also convened and facilitated by UNEP FI, that will conclude its work and deliver its outputs in the second quarter of 2018.

The latest group comprises Addenda Capital, Aviva, Caisse de Dépôt et Placement du Québec, Desjardins Group, La Française Group, Nordea Investment Management, Norges Bank Investment Management, Rockefeller Asset Management, and Storebrand Asset Management.

They will focus on developing the analytical tools and indicators required to assess and disclose their exposures to the risks and opportunities presented by climate change.

Michael Bloomberg, chair of the TCFD task force and newly appointed UN special envoy for climate action, said: ‘The more information investors have about the climate risks and opportunities facing companies, the smarter decisions they will be able to make, and the more efficient our markets will become.’

Bloomberg said reliable information on investors’ exposure to climate change risks will encourage more disclosures from portfolio companies across sectors and help boost climate friendly investments.

The FSB taskforce is mandated to develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders. Its final recommendations were published and submitted to the G20 at the end of June 2017.

Mark Wilson, Aviva CEO, said: ‘No-one can afford to let climate change fly under the radar. Aviva contributed to developing the TCFD recommendations and I am delighted that we can now start work on how to make disclosure happen in practice.

‘We need simple, consistent and comparable data. A sustainable low carbon economy makes good environmental and business sense.’

Report by Pat Sweet