More companies recognize the risks of climate change, but they're struggling to deal with it, according to a new global study. The survey canvassed the views of 2400 companies.

The ISS RiskMetric Group's fifth global report on climate change says that climate issues are receiving more attention from management and directors. Half the S&P500 responding companies have assigned board or upper-level management responsibility for overseeing climate related issues and 65 per cent of respondents have publicly disclosed greenhouse gas emissions data.

But on the flip side, less than a third (29 per cent) of responding companies have implemented greenhouse gas emission reduction programs with specific targets and timelines. The study found that material effects of climate change remain largely undetermined and undisclosed and that hardly any of their capital investment decisions take carbon pricing into account.