In January, climate change claimed its first corporate victim. Facing billions in liabilities after contributing to some of California’s deadliest and most devastating wildfires, PG&E filed for Chapter 11 bankruptcy protection. This spring, flooding in the Midwest ruined fields, grain silos, and infrastructure. The agriculture conglomerate Archer Daniels Midland reported that the floods would cost it between $50 and $60 million in the first quarter of the year.

The costs of a disturbed climate are becoming increasingly burdensome and apparent. In 2018 the US sustained $91 billion in damages from climate-related disasters, including tropical cyclones, severe storms, inland floods, droughts, and wildfires.

“Climate change is no longer a distant threat but something that is impacting economies now,” says Bruno Sarda, president of CDP North America, a nonprofit that encourages companies to report how climate change might affect them.

A growing number of companies are recognizing that fact and are now publicly reporting the effects of climate change on their businesses. A new report published Tuesday by CDP shows that 215 of the world’s biggest companies, including giants like Apple, JPMorgan Chase, Nestlé, and 3M, see climate change as a threat likely to affect their business within the next five years, with a cumulative cost of a trillion dollars.

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Companies identified a range of physical risks, such as the impact of flooding or rising sea levels on distribution centers and warehouses. They also enumerated the costs of transitioning to a lower-carbon, more climate-ravaged world, including updating facilities to withstand stronger storms or use less water, and complying with potential policies that would likely raise the cost of fossil fuels. Companies also recognized an image issue. In the report, Google's parent company, Alphabet, writes, “Not addressing climate change risks and impacts head on could result in a reduced demand for our goods and services because of negative reputation impact.”

CDP also found, however, that companies saw some opportunities in adapting to climate change. The report found that companies estimated opportunities related to climate change could bring in $2.1 trillion. Most companies pegged those benefits to the growth of low-emissions products and the creation of new products, such as new fuel sources or energy-efficient cars, which might appeal to a customer base that is increasingly climate-conscious.

The CDP report is part of a growing effort to encourage companies to be open about how climate change will affect their financial well being. In 2015 the Financial Stability Board, an international organization that studies the global financial system, formed the Task Force on Climate-Related Disclosures (TCFD). Led by Michael Bloomberg, the Task Force has released recommendations to help companies accurately assess and disclose their climate-related risks. The TCFD also wants to help standardize how companies think about and report those risks. Similarly, a coalition of investment groups including State Street Global Advisors, BlackRock, and Vanguard are backing the Sustainability Accounting Standards Board, which helps companies report accurately on these issues.

“US companies are definitely putting out more information on how they are addressing climate change. They don’t look at an election cycle. They address this from a shareholder perspective,” says Rakhi Kumar, who leads State Street Global Advisors’ efforts on environmental investment. She says companies are hearing from investors who are worried. “That’s what they are reacting and responding to.”

Disclosure is meant to work like an x-ray, allowing customers and investors to look inside a company, see where it is vulnerable, and help it improve. By making their predictions and analyses public, companies can also learn from each other about how to become more resilient in the face of climate threats.