The report ranks companies that have provided information on the Carbon Disclosure Project (CDP), looking at how they have demonstrated an understanding of the impact of climate change on their businesses.

Mikko Helander, chief executive of M-real, claimed the company had "considerably reduced" the environmental impact of its operations by using energy more efficiently.

He said: "Actions to reduce our environmental impact are also bringing major cost savings for M-real. This success in CDP is a significant recognition of the systematic work we are doing and shows that we are going to the right direction."

The paper company said it openly reports its environmental impacts through product-specific paper profile declarations and carbon footprint calculations.

CDP is a non-profit organisation that compiles companies' carbon dioxide emissions and risks in relation to climate change.

The report contains information on businesses' targets, investments and responsibilities.

Paul Dickinson, chief executive of the CDP, said: "Companies which control their risks today, manage their emissions and seize the opportunities to produce low-carbon goods and services, will be the best placed to prosper in a low-carbon economy of the future."