UK - RAILPEN and the Universities Superannuation Scheme (USS) have united to examine how businesses have adapted to existing climate change and the resulting implications to investors.
Rory Sullivan, head of investor responsibility, Insight Investment, said: "While much of the discussions to date have focused on reducing future greenhouse gas emissions - and rightly so - it has not really addressed how we need to respond to the change we are already committed to.
"This report sets out the reasons why we as long-term investors should be concerned about climate change and outlines how we should respond, in our investment processes and in our engagement with companies and policy makers."
The report, entitled "Managing the Unavoidable: Understanding the investment implications of adapting to climate change", explained how the project would analyse investment implications within specific sectors.
David Russell, co-head of responsible investment, USS, said: "We need more and better information about these specific impacts in order to make informed decisions as to how we allocate our capital."
Frank Curtiss, head of corporate governance, RAILPEN Investment, added: "The ultimate aim of this work is to contribute to the generation of better long-term and sustainable investment performance.
"It will also provide a basis for investors to engage actively with companies on how they are managing this issue."
The report highlighted areas of research showing how sectors dependant on large fixed assets such as tourism, property, energy and infrastructure would be particularly affected by climate change.
It also stated tools should be created to help companies understand the risks and opportunities associated with climate change.
RAILPEN and USS have a combined £48bn (US$94.2bn) in assets under management.
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