Banks and financial services companies are at greater risk from climate change than any other sector, with $692.8bn estimated in potential costs — more than fossil fuel and energy companies.

The analysis from non-profit organisation CDP, published on June 4, looked at the climate risks faced by 500 of the world’s biggest companies under the new rules drawn up by Bank of England governor Mark Carney and Michael Bloomberg, the billionaire media owner and former New York mayor, who were tasked by the G20 in 2015 to encourage better reporting of the issue.