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Most major financial firms are now reporting on their exposure to climate risks, but there needs to be more standardization in accounting metrics to expand that reporting, according to an industry survey.

A joint survey of 70 financial firms by the Institute of International Finance and European Banking Federation found that the 60% of respondents are at least partially following the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD), and another 30% said they are planning to adopt them.

The survey noted that the adoption of TCFD principles varies by geography, with more than 80% of respondents in developed Europe complying, versus just 37% of those in emerging markets.

More than half of the firms that are not yet disclosing data on financed emissions cited a lack of standardized accounting frameworks and other data challenges, the report said.

Additionally, firms pointed to a need for greater risk management. For instance, the survey found that 45% of respondents had processes for identifying and assessing climate-related risks and opportunities, but only 17% had fully integrated these processes into their overall risk management framework.

The survey also found that 21% of respondents used internal carbon pricing in their decision-making, and that another 14% have plans to do so.

Finally, more than half of respondents said they already produce their own sustainable investments, and 89% expect demand for sustainable investments to grow in 2020.