The majority of companies questioned (92%) now say that climate change is an issue for them. More than three quarters of respondents now measure their emissions, and two thirds report on them.

More than three quarters of the companies in the survey, taken from the FTSE 350, had altered their policies on energy use, but only 54% had an actual emissions reduction target in place.

Many also said that government policy on climate change was unclear, and is therefore unable to guide their investment decisions. A total of 60% of FTSE 100 companies, and 52% of FTSE 350 companies, believe government policy on climate change is not sufficiently clear.

But the companies warned that in the absence of a definitive statement from the government, organisations are unlikely to adopt a voluntary policy because they fear that it would harm returns. Just 5% said they thought investors would accept a lower return in exchange for a better environment.

The survey was carried out by Investec Asset Management. Head of charity fund management John Hildebrand said the survey aimed to give a snapshot of how seriously business is taking the issue of climate change, how it might affect them and whether it is a factor for investors.

“We believe the survey to be generally reassuring in terms of the companies’ proactive attitude to climate change, though it is clear respondents believe the government needs to communicate its climate change policy more clearly to business,” he said,” and in turn more companies need to convert their awareness of climate change into actually targeting a reduction in emissions.”