London (CNN Business) Investors managing assets worth $32 trillion have called on governments and businesses to step up efforts to tackle climate change.

A group of 415 investors warned Monday of an "ambition gap" between steps governments have promised to take, and the actions needed to meet goals set out in the Paris climate agreement.

The statement from the Institutional Investors Group on Climate Change has been endorsed by financial heavyweights including HSBC ( HSBC ), Nomura Asset Management and UBS Asset Management.

The group, which controls assets worth more than twice the value of the Chinese economy, claims that its push is the single largest policy intervention from investors on climate change.

"Much more needs to be done by governments to accelerate the low carbon transition and to improve the resilience of our economy, society and the financial system to climate risks," the group said in a statement.