Coming clean on climate risks has proven "flawed" as a tool to steer investment away from fossil fuels and into renewables in line with global emissions goals, environmental groups have warned.

More than 50 climate finance groups from Australia and the rest of the world have made the plea to banks, insurers and other financial institutions to mark the 10-year anniversary of a seminal speech delivered by Mark Carney.

In 2015, the then-governor of the Bank of England warned climate change was "the tragedy of the horizon" and posed a major threat to the financial system.

Mondays' statement from the Australasian Centre for Corporate Responsibility, Market Forces and other groups says the tragedy spelled out in the decade-old speech "is not only unresolved, it is growing".

"Ten years on, th

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