Financial services companies responsible for nearly $100trn (£76trn) in assets have now given their support to the Taskforce on Climate-related Financial Disclosures (TCFD)
That is according to a status report published today by the TCFD, which shows that the number of organisations backing the initiative has grown from 237 to 513 in less than a year.
Supporters include some of the world's largest asset managers, pension funds and banks, as well as companies with a combined market capitalisation of $7.9trn.
Set up by the Financial Stability Board (FSB) in late 2015, the TCFD outlines how companies should best disclose the financial impacts of climate change to investors.
Bank of England governor and FSB chair, Mark Carney, said the findings show that climate-disclosures are "becoming mainstream".
"As financial institutions and investors 'learn by doing', a virtuous cycle will be created where more and better information creates the imperatives for others to adopt the TCFD," he added.
It is hoped that the initiative will help drive capital to companies that are contributing to a low-carbon economy, helping investors to make smart financial decisions.
The latest status report includes a review of nearly 1,800 companies' disclosures, finding that most have reported information aligned with parts of the TCFD's recommendations.
However, it was also found that disclosures are still most prevalent in sustainability reports rather than financial ones, as recommended by the TCFD.
"Companies are on the right track with disclosing climate-related information, but further work needs to be done," said special advisor to the TCFD chair, Mary Shapiro.
"The most important step is that companies get started with their disclosure work. It is a learning process and organisations' disclosures will improve and evolve over time.
"We are looking forward to seeing more climate-related disclosures in 2019 for the 2018 fiscal year reporting cycle."
Companies can express their support for the TCFD here.
