According to research published recently by the Carbon Trust, 67% of UK businesses will begin to incorporate climate change risks and opportunities in their 2019 annual reports.
However, only 23% of firms are expected to report in line with the Climate-related Financial Disclosures recommendations, which were published by the G20 Financial Stability Board in 2017.
The research also revealed that 31% of businesses see 'financial benefits' in reporting on climate change-related issues. An additional 21% of business leaders believe that improved climate change reporting will result in 'an increased company valuation'.
Commenting on the matter, Hugh Jones, Managing Director of Business Services at the Carbon Trust, said: 'We are now able to see how our changing climate is moving markets more quickly than many had anticipated.
'For corporate leaders, going through the process of assessing their company's climate change opportunities and risks is a vital strategic tool for navigating the necessary transition to a sustainable, low carbon economy.'