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Following an effort from global policymakers to promote greater climate change disclosure, financial services firms are stepping up their disclosure about climate-related risks, according to a new report from Datamaran Ltd., a London-based firm that analyzes ESG disclosure.

In the wake of the latest report from the Task Force on Climate-Related Financial Disclosure (TCFD) in June, Datamaran said that its analysis shows that the proportion of financial firms that are now placing “high emphasis” on climate change disclosure is up from 14% in 2016 to 33% in 2019 among firms that have voiced support for the TCFD’s recommendations.

Additionally, the report said that the number of climate-related regulations and voluntary initiatives on climate has almost doubled since 2014.

Among global financial services firms that have not signed on to the TCFD recommendations, there’s also evidence of increased attention to the issue, the report said.

It noted that the proportion of non-TCFD firms that are placing a high emphasis on climate change rose from 12% in 2017 to 19% in 2019.

“Financial services [are] catching up on climate change disclosure,” the firm concluded.

However, it also found that financial firms are predominantly focused climate change as a risk issue, rather than an opportunity. It noted that 54% of financial firms refer to it largely as a risk, compared with just 20% that discuss it as an opportunity.

“Interestingly, climate change has been predominantly mentioned in the context of distant future risks, rather than in recognizing the upcoming implications to business,” the report also found.

The TCFD was founded in 2015 to encourage greater disclosure from firms about their climate-related risks and opportunities. The initiative’s supporters include 374 financial companies, 297 non-financial firms and 114 other organizations.