Only about one-third of the world’s 1,000 largest companies provide effective disclosure of the risks they face due to climate change, according to Bank of England Governor Mark Carney. At the same time, Carney stated that the transition to an environmentally sustainable future in the coming decades provides an annual opportunity worth trillions of dollars for companies and financiers.

Former New York City mayor Michael Bloomberg has been leading efforts to make climate-related financial disclosures more transparent, and together with Carney he revealed recommendations for a voluntary disclosure code in London in December.

The prospect of tougher global climate action has grown since delegates from nearly 200 countries agreed on a UN climate change accord in Paris in December 2015, which has new been ratified. Still, it is not clear if the agreement will deliver the cuts in global greenhouse gas pollution that scientists say are needed to ensure global temperatures do not rise more than 2°C from pre-industrial times.