Only one-third of asset consultants provide advice on climate change risk to superannuation funds, according to an Australian Institute of Superannuation Trustees (AIST) survey.
The survey, conducted with the Climate Institute, assessed asset consultants that advise superannuation funds with a total of $370 billion in assets under management.
Only one firm provided a service that analysed the carbon emissions of companies its clients held, according to the survey.
The survey also found five out of nine consultants said they offered climate change advice but most trustees did not think climate change was important.
Most consultants also believed superannuation funds would not pay for the necessary research to adequately integrate climate change risks and opportunities into asset consulting services, it found.
The results suggested the asset consulting industry needed to build better capabilities to help superannuation funds manage their client risks, AIST policy and research manager Andrew Barr said.
"If asset consultants want to retain their unique position of influence in the investment chain as we transition to a low carbon economy, they will need to provide more comprehensive climate change services,' Barr said.
Despite the results, a majority of consultants planned to increase their capacity to deal with climate change through internal and external resources, according to the survey.
Frontier Investment Consulting senior consultant Allison Hill said the firm already had provided comprehensive research on climate change risks to their clients' Australian equity portfolios.
"We are, however, looking at increasing our researchers in the area of environmental, social and governance research," Hill said.
