"Climate change, deforestation and water security present material risks to investments, and companies that are failing to disclose their impact risk trailing behind their competitors in their access to capital," Joint Global Director of Capital Markets at CDP Laurent Babikian said in a statement.

CDP's campaign last year resulted in the highest response rate to date, with nearly 60% more companies disclosing details compared to 2020 after they were selected by investors.

"With a series of mandatory environmental disclosure requirements on the horizon ..., non-disclosure will no longer be an option for many of these companies," Babikian added.